Guadalupe's credit card has an APR of 23%, 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 Previous
New
Payment Finance Principal
New
month
balance charges
charges
paid
balance
$0.00 $900.00 $0.00
$0.00
$0.00 $900.00
$900.00 $0.00 $18.00 $17.25
$0.75
$899.25
$899.25 $0.00 $17.99 $17.24 $0.75 $898.50
$898.50 $0.00 $17.97 $17.22 $0.75 $897.75
$897.75 $0.00 $17.96 $17.21 $0.75 $897.00
$897.00 $0.00 $17.94
$17.19
$0.75 $896.26
$896.26 $0.00 $17.93 $17.18 $0.75 $895.51
About what percentage of Guadalupe's payments so far have gone to paying
interest?
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