Francisco's credit card has an APR of 13%, 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
2
3
4
5
6
Previous
balance
$0.00
$5200.00
$5152 33
$5105.10
$5058.31
$5011.94
$4966.00
New
charges
$5200.00
$0.00
$0.00
$0.00
$0.00
$0.00
$0.00
Payment
received
50.00
$104.00
$103.05
$102.10
$101.17
$100.24
$99.32
Finance
charges
$0.00
$56.33
$55.82
$55.31
$54.80
$54.30
S53.80
Principal
pald
$0.00
$47.67
$47.23
$46.80
$46.37
$45.94
$45.52
New
balance
$5200.00
$5152 33
$5105.10
$5058.31
$5011.94
$4966.00
$4920.47
7
How much of the $5200 charge that Francisco made during the first month
has been paid off?

Answer:

$279.53

Explanation:

The amount of the $5200 charge that Francisco made during the first month has been paid off will be the total of the principal paid which is:

Principal paid =

$47.67+$47.23+$46.80+$46.37+$45.94+$45.52

=$279.53

Therefore how much of the $5200 charge that Francisco made during the first month has been paid off will be $279.53.

Answer:

$279.53

Explanation:

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