Leroy's credit card has an APR of 21%, calculated on the previous monthly balance, and a minimum payment of 2%, starting the month after the first
purchase. His credit card record for the last 7 months is shown in the table
below.
End of Previous Now Payment Finance Principal New
month balance charges received charges pald balance
$0.00 $2600.00 $0.00
$0.00
50.00
$2600.00
2 $2600.00 $0.00 $52.00 $45.50 S6 50 $2593 50
3 $2593.50
$0.00
S51 87 $45.39 S6.48 52587 02
52587 02 $0.00 $51 74 $45 27 5647 S2580 55
5 S2580,55 $0.00 $51 61 $45.16 56 45 $2574. 10
6 $2574.10 $0.00 $51.48
$45.05 56 44 S2567.66
7 $2567 66 $0.00 $5135 $44.93 56.42 52561 24
1
What is the total amount that Leroy has paid in interest over the 7 months?
O A. $38.76
B. $44.93
C. $310.06
OD. $271.30