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Question 10 of 10
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
$0.00
$0.00 $0.00 $0.00 $47.00
$47.00 $182.00
$44.22 $1.29 $42.93 $186.07
5186.07
$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
$0.79
$22.19 $107 38
6 $107.38
$57.00 $2.95
$54.05
$74.33
7 $74.33 $99.00 $91.98 $2.04 $89.94 ?
$47.00
$21.00
What is the new balance at the end of month 7?
A. $83.39
B. $91.98
C. $74.43
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blessytimagos

Answer:

It can be tempting to pay the minimum amount due on your credit card bill, but it can be really expensive in the long run. Here's what happens if you only pay the minimum on your credit card.

Explanation:

It can be tempting to pay the minimum amount due on your credit card bill, but it can be really expensive in the long run. Here's what happens if you only pay the minimum on your credit card.