Lanny's credit card has an APR of 33%, calculated on the previous monthly
balance. His credit card record for the last 7 months is shown in the table
below.
End of Previous New Payment Finance Principal New
month balance charges received charges paid balance
1
$0.00 $47.00
$0.00
$0.00
$0.00 $47.00
2 $47.00 $182.00
$44.22
$1.29 $42.93 $186.07
3
$186.07
$34.00 $225.19 $5.12 $220.07
$0.00
4
$0.00
$98.00 $69.43 $0.00
$69.43 $28.57
5 $28.57 $101.00 $22.98 S0.79 $22.19 $107.38
6
$107.38 $21.00 $57.00
$2.95 $54.05 $74.33
$74.33 $99.00 $91.98
$2.04 $89.94
?
7
What is the new balance at the end of month 7?