Paddy

Mathematics

27 March, 18:55

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?