Dee's credit card has an APR of 17%, calculated on the previous monthly balance, and Dee makes a payment of $50 every month. Her credit card
record for the last 7 months is shown in the table below.
End of Previous New Payment Finance Principal New
month balance charges received charges
paid balance
1
$0.00 $122.00 $0.00 $0.00 $0.00 $122.00
2. $122.00 $56.00 $50.00
2
$48.27 $129.73
3
$129.73 $98.00 $50.00 $1.84 $48.16 $179.57
4
$179.57 $237.00 $50.00 $2.54 $47.46 $369.11
5
$369.11 $75.00 $50.00 $5.23 $44.77 $399.34
6
$399.34 $39.00 $50.00 $5.66 $44 34 $394.00
7
$394.00 $118.00 $50.00 $5.58 $44 42
$467.58
What were the finance charges in month 2?