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
Previous
balance
$0.00
$2200.00
$2189.00
$2178.06
$2167 16
$2156.33
$2145.55
Now
charges
$2200.00
$0.00
50.00
S0.00
$0.00
$0.00
50.00
Payment
recolved
S000
$44.00
$43.78
$43.56
$43.34
$43.13
$42.91
chere
30.00
$33.00
532.84
$32.67
$3251
$32,34
$32.18
Principal
pald
30.00
$11.00
$10.95
$10.89
$10.84
$10.78
$10.73
balance
$2200.00
$2189.00
$2178.06
$2167.16
$2156.33
$2145.55
$2134.82
What is the total amount that Jerome has paid in interest over the 7 months?
