Abraham s credit card has an APR of 13 calcula balance and Abraham makes a...
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Abraham s credit card has an APR of 13 calcula balance and Abraham makes a payment of 50 every month His credit card record for the last 7 months is shown in the table below End of month 234567 Previous balance 0 00 41 00 220 44 243 83 219 47 316 85 603 28 New charges 41 00 229 00 71 00 A 2 39 B SO C 0 44 D 0 78 23 00 145 00 333 00 78 00 Payment received 0 00 50 00 50 00 50 00 50 00 50 00 50 00 What were the finance charges in month 2 Finance charges SO 00 2 39 2 64 2 38 3 43 6 54 Principal paid 0 00 49 56 47 61 47 36 47 62 46 57 43 46 New balance 41 00 220 44 243 83 219 47 316 85 603 28 637 82
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