Answered

Join the growing community of curious minds on IDNLearn.com and get the answers you need. Get thorough and trustworthy answers to your queries from our extensive network of knowledgeable professionals.

Benjamin's credit card has an APR of [tex]$19 \%$[/tex], calculated on the previous monthly balance, and a minimum payment of [tex]$2 \%$[/tex], starting the month after the first purchase. His credit card record for the last 7 months is shown in the table below.

\begin{tabular}{|c|c|c|c|c|c|c|}
\hline
End of month & Previous balance & New charges & Payment received & Finance charges & Principal paid & New balance \\
\hline
1 & [tex]$\$[/tex]0.00[tex]$ & $[/tex]\[tex]$2400.00$[/tex] & [tex]$\$[/tex]0.00[tex]$ & $[/tex]\[tex]$0.00$[/tex] & [tex]$\$[/tex]0.00[tex]$ & $[/tex]\[tex]$2400.00$[/tex] \\
\hline
2 & [tex]$\$[/tex]2400.00[tex]$ & $[/tex]\[tex]$0.00$[/tex] & [tex]$\$[/tex]48.00[tex]$ & $[/tex]\[tex]$38.00$[/tex] & [tex]$\$[/tex]10.00[tex]$ & $[/tex]\[tex]$2390.00$[/tex] \\
\hline
3 & [tex]$\$[/tex]2390.00[tex]$ & $[/tex]\[tex]$0.00$[/tex] & [tex]$\$[/tex]47.80[tex]$ & $[/tex]\[tex]$37.84$[/tex] & [tex]$\$[/tex]9.96[tex]$ & $[/tex]\[tex]$2380.04$[/tex] \\
\hline
4 & [tex]$\$[/tex]2380.04[tex]$ & $[/tex]\[tex]$0.00$[/tex] & [tex]$\$[/tex]47.60[tex]$ & $[/tex]\[tex]$37.68$[/tex] & [tex]$\$[/tex]9.92[tex]$ & $[/tex]\[tex]$2370.12$[/tex] \\
\hline
5 & [tex]$\$[/tex]2370.12[tex]$ & $[/tex]\[tex]$0.00$[/tex] & [tex]$\$[/tex]47.40[tex]$ & $[/tex]\[tex]$37.53$[/tex] & [tex]$\$[/tex]9.88[tex]$ & $[/tex]\[tex]$2360.25$[/tex] \\
\hline
6 & [tex]$\$[/tex]2360.25[tex]$ & $[/tex]\[tex]$0.00$[/tex] & [tex]$\$[/tex]47.20[tex]$ & $[/tex]\[tex]$37.37$[/tex] & [tex]$\$[/tex]9.83[tex]$ & $[/tex]\[tex]$2350.41$[/tex] \\
\hline
7 & [tex]$\$[/tex]2350.41[tex]$ & $[/tex]\[tex]$0.00$[/tex] & [tex]$\$[/tex]47.01[tex]$ & $[/tex]\[tex]$37.21$[/tex] & [tex]$\$[/tex]9.79[tex]$ & $[/tex]\[tex]$2340.62$[/tex] \\
\hline
\end{tabular}

What is the total amount that Benjamin has made in payments over the 7 months?

Sagot :

GinnyAnsweridn
To determine the total amount Benjamin has made in payments over the 7 months, we need to sum up all the individual payments he has made each month. According to the given table, the monthly payments are as follows:

1. Month 1: \[tex]$0.00 2. Month 2: \$[/tex]48.00
3. Month 3: \[tex]$47.80 4. Month 4: \$[/tex]47.60
5. Month 5: \[tex]$47.40 6. Month 6: \$[/tex]47.20
7. Month 7: \[tex]$47.01 We add these payments together to find the total amount paid: \[ \$[/tex]0.00 + \[tex]$48.00 + \$[/tex]47.80 + \[tex]$47.60 + \$[/tex]47.40 + \[tex]$47.20 + \$[/tex]47.01 = \[tex]$285.01 \] Thus, the total amount Benjamin has made in payments over the 7 months is \(\$[/tex]285.01\).
Your presence in our community is highly appreciated. Keep sharing your insights and solutions. Together, we can build a rich and valuable knowledge resource for everyone. IDNLearn.com is dedicated to providing accurate answers. Thank you for visiting, and see you next time for more solutions.