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Norma's credit card has an APR of 16%, calculated on the previous monthly balance, and a minimum payment of 2%, starting the month after the first purchase. Her credit card record for the last 7 months is shown in the table below.

| End of month | Previous balance | New charges | Payment received | Finance charges | Principal paid | New balance |
|--------------|------------------|-------------|------------------|----------------|----------------|-------------|
| 1 | [tex]$0.00 | $[/tex]3300.00 | [tex]$50.00 | $[/tex]0.00 | [tex]$0.00 | $[/tex]3300.00 |
| 2 | [tex]$3300.00 | $[/tex]0.00 | [tex]$66.00 | $[/tex]44.00 | [tex]$22.00 | $[/tex]3278.00 |
| 3 | [tex]$3278.00 | $[/tex]0.00 | [tex]$65.56 | $[/tex]43.71 | [tex]$21.85 | $[/tex]3256.15 |
| 4 | [tex]$3256.15 | $[/tex]0.00 | [tex]$65.12 | $[/tex]43.42 | [tex]$21.71 | $[/tex]3234.44 |
| 5 | [tex]$3234.44 | $[/tex]0.00 | [tex]$64.69 | $[/tex]43.13 | [tex]$21.56 | $[/tex]3212.88 |
| 6 | [tex]$3212.88 | $[/tex]0.00 | [tex]$64.26 | $[/tex]42.84 | [tex]$21.42 | $[/tex]3191.46 |
| 7 | [tex]$3191.46 | $[/tex]0.00 | [tex]$63.83 | $[/tex]42.55 | [tex]$21.28 | $[/tex]3170.18 |

What is the total amount that Norma has made in payments over the 7 months?

A. [tex]$389.46
B. $[/tex]259.64
C. [tex]$63.83
D. $[/tex]129.82



Answer :

GinnyAnswer
To determine the total amount Norma has paid over the 7 months, we need to sum up all the monthly payments she made, as listed under the "Payment received" column in the table.

From the table:
- Month 1: [tex]$50.00 - Month 2: $[/tex]66.00
- Month 3: [tex]$65.56 - Month 4: $[/tex]65.12
- Month 5: [tex]$64.69 - Month 6: $[/tex]64.26
- Month 7: [tex]$63.83 Adding them all together gives us: \[ 50.00 + 66.00 + 65.56 + 65.12 + 64.69 + 64.26 + 63.83 \] The total amount of payments made by Norma over these 7 months is: \[ \$[/tex]439.46
\]

Thus, the correct answer is:

A. [tex]\(\$ 439.46\)[/tex]

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