Kayla's credit card has an APR of 22%, compounded monthly and calculated
on the previous monthly balance. It requires a minimum payment of 2%,
starting the month after the first purchase. Her credit card record for the last
7 months is shown in the table.
End of
month
1
3
4
6
7
Previous
balance
$0.00
$2700.00
$2695.50
$2691.01
$2686.52
$2682.04
$2677.57
New
charges
$2700.00
$0.00
OA. $215.46
OB. $13.48
OC. $17.96
D. $161.73
$0.00
$0.00
$0.00
$0.00
$0.00
Payment Finance
received charges
$0.00
$0.00
$54.00
$49.50
$53.91
$53.82
$53.73
$53.64
$53.55
$49.42
$49.34
$49.25
$49.17
$49.09
Principal
paid
$0.00
$4,50
$4.49
$4.49
$4.48
$4.47
New
balance
$2700.00
$2695.50
$2691.01
$2686.52
$2682.04
$2677.57
$4.46 $2673.11
What is the total amount of the payments that Kayla has made over the first 4
months?
SUBMIT