Benjamin's credit card has an APR of 19%, 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
New Payment Finance Principal
New
month
balance charges
received charges paid balance
$0.00 $2400.00 $0.00 $0.00 $0.00 $2400.00
2 $2400.00 $0.00 $48.00 $38.00 $10.00 $2390.00
3 $2390.00
$0.00 $47.80 $37.84 $9.96 $2380 04
4 $2380 04 $0.00 $47.60 $37.68 $9.92 52370. 12
5 $2370.12 $0.00 $47.40
$37.53
$9.88 $2360.25
6 $2360.25 $0.00 $4720 $37.37
$9.83
$2350 41
7 $2350.41 $0.00 $47.01 $3721 $9.79 $2340.62
What is the total amount that Benjamin has made in payments over the 7
months?
A. $285.02
B. $59.38
O C. $225.64
D. $47.01