Mindy's credit card has an APR of 15%, calculated on the previous monthly balance, and Mindy makes a payment of $50 every month. Her credit card
record for the last 7 months is shown in the table below.
End of
month
1
2
3
4
5
6
7
Previous
balance
$0.00
$45.00
S188.56
S230.92
$260.81
$252.07
$432 22
New
charges
$45.00
$193.00
$90.00
$77.00
$38.00
$227.00
$88.00
Payment
received
$0.00
$50.00
$50.00
$50.00
$50.00
$50.00
$50.00
Finance
charges
$0.00
?
S2 36
S2.89
$3.26
$3.15
$5.40
Principal
paid
$0.00
$49.44
$4764
347.11
$46.74
$46,85
$44.60
New
balance
$45.00
$168.56
5230.92
$260.81
5252.07
$432.22
$475.62
What were the finance charges in month 2?
O A. $0.56
B. $0
O c. $3.26
D. $0.78