me s credit card has an APR of 18 calculated on the previous monthly balance...

70.2K

Verified Solution

Question

Geometry

image

me 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 month 1 234567 Previous balance 0 00 2200 00 2189 00 2178 06 2167 16 2156 33 2145 55 New charges 2200 00 A 65 18 OB 260 72 C 32 18 D 195 54 0 00 0 00 0 00 0 00 0 00 0 00 Payment received 0 00 44 00 43 78 43 56 43 34 43 13 42 91 Finance charges 0 00 33 00 32 84 32 67 32 51 32 34 32 18 Principal paid 0 00 11 00 10 95 10 89 10 84 10 78 10 73 New balance 2200 00 2189 00 2178 06 2167 16 2156 33 2145 55 2134 82 What is the total amount that Jerome has paid in interest over the 7 months

Answer & Explanation Solved by verified expert
Get Answers to Unlimited Questions

Join us to gain access to millions of questions and expert answers. Enjoy exclusive benefits tailored just for you!

Membership Benefits:
  • Unlimited Question Access with detailed Answers
  • Zin AI - 3 Million Words
  • 10 Dall-E 3 Images
  • 20 Plot Generations
  • Conversation with Dialogue Memory
  • No Ads, Ever!
  • Access to Our Best AI Platform: Flex AI - Your personal assistant for all your inquiries!
Become a Member

Other questions asked by students