Month Lanny's credit card has an APR of 33%, calculated on the previous monthly
balance. His credit card record for the last 7 months is shown in the table
below.
End of Previous
New Payment Finance Principal New
balance charges
received charges paid balance
1
$0.00 $47.00
$0.00 S0.00 $0.00 $47.00
2
$47.00 $182.00 $44.22 $1.29 $42.93 S186.07
3
S186.07 $34.00 S225. 19 $5.12 $220.07 $0.00
$0.00 $98.00 $69.43
$0.00 $69.43 $28.57
5
$28,57 $101.00 $22.98 $0.79 $22. 19 $107.38
6
$107.38 $21.00 $57.00 $2.95 $54.05 $74 33
7
$74 33 $99.00 $91.98 $2.04 $89.94
?
What is the new balance at the end of month 7?