At Westonci.ca, we connect you with experts who provide detailed answers to your most pressing questions. Start exploring now! Explore a wealth of knowledge from professionals across different disciplines on our comprehensive platform. Join our Q&A platform to connect with experts dedicated to providing accurate answers to your questions in various fields.

Patrice's credit card has an APR of [tex]11 \%[/tex], calculated on the previous monthly balance, and a minimum payment of [tex]2 \%[/tex], starting the month after the first purchase. Her credit card record for the last 7 months is shown in the table below.

\begin{tabular}{ccccccc}
\hline
\begin{tabular}{c}
End of \\
month
\end{tabular} & \begin{tabular}{c}
Previous \\
balance
\end{tabular} & \begin{tabular}{c}
New \\
charges
\end{tabular} & \begin{tabular}{c}
Payment \\
received
\end{tabular} & \begin{tabular}{c}
Finance \\
charges
\end{tabular} & \begin{tabular}{c}
Principal \\
paid
\end{tabular} & \begin{tabular}{c}
New \\
balance
\end{tabular} \\
\hline
1 & \[tex]$0.00 & \$[/tex]3900.00 & \[tex]$0.00 & \$[/tex]0.00 & \[tex]$0.00 & \$[/tex]3900.00 \\
2 & \[tex]$3900.00 & \$[/tex]0.00 & \[tex]$78.00 & \$[/tex]35.75 & \[tex]$42.25 & \$[/tex]3857.75 \\
3 & \[tex]$3857.75 & \$[/tex]0.00 & \[tex]$77.16 & \$[/tex]35.36 & \[tex]$41.79 & \$[/tex]3815.96 \\
4 & \[tex]$3815.96 & \$[/tex]0.00 & \[tex]$76.32 & \$[/tex]34.98 & \[tex]$41.34 & \$[/tex]3774.62 \\
5 & \[tex]$3774.62 & \$[/tex]0.00 & \[tex]$75.49 & \$[/tex]34.60 & \[tex]$40.89 & \$[/tex]3733.73 \\
6 & \[tex]$3733.73 & \$[/tex]0.00 & \[tex]$74.67 & \$[/tex]34.23 & \[tex]$40.45 & \$[/tex]3693.28 \\
7 & \[tex]$3693.28 & \$[/tex]0.00 & \[tex]$73.87 & \$[/tex]33.86 & \[tex]$40.01 & \$[/tex]3653.27 \\
\hline
\end{tabular}

How much of the \[tex]$3900 charge that Patrice made during the first month has been paid off?

A. \$[/tex]208.77

B. \[tex]$455.51

C. \$[/tex]246.73

D. \$40.01


Sagot :

To determine how much of the \[tex]$3900 charge that Patrice made during the first month has been paid off by the end of the seven months, we need to sum up the principal amounts paid in each of the months from month 2 to month 7. From the given table: - In month 2: $[/tex]\[tex]$ 42.25$[/tex] of principal was paid.
- In month 3: [tex]$\$[/tex] 41.79[tex]$ of principal was paid. - In month 4: $[/tex]\[tex]$ 41.34$[/tex] of principal was paid.
- In month 5: [tex]$\$[/tex] 40.89[tex]$ of principal was paid. - In month 6: $[/tex]\[tex]$ 40.45$[/tex] of principal was paid.
- In month 7: [tex]$\$[/tex] 40.01[tex]$ of principal was paid. Adding these amounts together, we get: \[ 42.25 + 41.79 + 41.34 + 40.89 + 40.45 + 40.01 = 246.73 \] Thus, the total principal paid off by the end of the seven months is \$[/tex]246.73.

Hence, the correct answer is:
C. \$246.73
Thanks for using our service. We're always here to provide accurate and up-to-date answers to all your queries. We hope our answers were useful. Return anytime for more information and answers to any other questions you have. Get the answers you need at Westonci.ca. Stay informed by returning for our latest expert advice.