Answered

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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 :

GinnyAnswer
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
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