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 tablebelow. End of Previous
Payment Finance Principal New
month balance charges received charges
balance
$0.00 $2400.00 $0.00 $0.00 $0.00 $2400.00
$2400.00 $0.00
$48.00
$38.00 $10.00 $2390.00
$2390.00 $0.00 $47.80 $37.84 $9.96 $2380.04
$2380.04 $0.00 $47.60
$37.68
$2370.12
$2370.12
$0.00
$47.40 $37.53
$2360.25
$2360.25 $0.00 $47 20 $3737 $9.83 $2350.41
$2350.41 $0.00 $47.01 $37 21 $9.79 $2340.62
pald
VOON
$9.92
$9.88
What is the total amount that Benjamin has made in payments over the 7
months?
If you have -300 and add +300 you will end up with 0 because when a positive and a negative that are equal cancel each other out. So if you add +300 to -300 you get 0 but its 400 so 300 + 100 is 400 so you have +100 left. : )
