Sally's credit card has an APR of 31%, calculated on the previous monthly
balance. Her credit card record for the last 7 months is shown in the table
below.
End of Previous
New
Payment Finance
Principal
Principal New
month balance charges received charges paid balance
$0.00 $511.00 $0.00 $0.00 $0.00 $5 1.00
$511.00 $62.00 $373.87 $13.20 $360.67 $212.33
$212.33 $89.00 $55.89 $5.49 $50.40 $250.93
$250.93 $112.00 $177,98 $6.48 $171.50 $191.43
$191.43
$49.00 $99.97 $4.95 $95.02 $145.40
$145.40 $68.00 $217 16
$213.40 $0.00
$0.00 $158.00 $28.11 $0.00 $28.11
?
VOOR AWN
$3.76
OS
What is the new balance at the end of month 7?
O
A. $176.27