2 Points
Darnell's credit card has an APR of 19%, 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.
Payment Finance Principal New
month balance charges received charges pald balance
50.00
$0.00 $0.00 $0.00 $800.00
$800.00
$12.67 $3.33
$796.67
$796 67
$12.61 53.32 $793.35
$79335
512 56 53.31 $790.04
$790.04
$12.51 $3.29 $786.75
$786.75
$12.46 $3.26 $783.47
$783,47
$12.40 $3.26 $780.21
MON
38
TAI
la
About what percentage of Darnell's payments so far have gone to paying
interest?
