Jerome's credit card has an APR of 18%, 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
1
$0.00 $2200.00
SO 00
SO 00
$0.00 $2200 00
2 $2200.00 $0.00 $44.00 $33.00 $11 00 $2189.00
3 $2189.00 $0.00 $43.78 $32.84 $10.95 $2178.06
4
S2178 06 $0.00
$43 56 $32.67 $10.89 $2167 16
5 S2167 16 $0.00 $43.34
$32.51 $10 84 $2156 33
6
S2156 33
$0.00 $43 13 $32.34 S10 78 $2145 55
7
$2145.55 $0.00 $42.91 $32.18
$10.73
$2134.82
What is the total amount that Jerome has paid in interest over the 7 months?