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
month
2
3
4
5
6
7
Previous
balance
50.00
$2200.00
$2189.00
$2178.06
$2167.16
$2156.33
$2145.55
Now
charges
52200.00
50.00
$0.00
$0.00
$0.00
$0.00
$0.00
Payment
received
50.00
$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
$10.94
$10.89
$10.84
$10.78
$10.73
New
balance
$2200.00
$2189.00
$2178.06
$2167.16
$2156.33
$2145,55
$2134.82
How much of the initial purchase has Jerome paid off over the 7 months?
O A. $260.72
O B. $65.18
O c.
C. $32.18
O D. $195.54