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Leroy's credit card has an APR of 21%, 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.
How much of the initial purchase has Leroy paid off over the 7 months?
A. $310.06
B. $271.30
C. $44.93
D. $38.76

Respuesta :

Answer:

38.76

Explanation:

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Lanuel

Based on the complete information, the amount of money from the initial purchase that Leroy has paid off over the 7 months is: C. $44.93.

What is APR?

APR is an acronym for annual percentage rate and it can be defined as a measure of an amount of money based on a yearly rate of interest, which a borrower must pay on a loan or credit card.

This ultimately implies that, the annual percentage rate would be calculated by dividing the interest rate by twelve (12).

However, the complete information which is required to calculate how much of the initial purchase that Leroy paid off is missing. Although, this can be calculated by using the following formula:

New balance =  Unpaid balance + finance charge + new charges

Note: Unpaid balance = Previous balance - Payments

Read more on APR here: https://brainly.com/question/11860311

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