Kendall's credit card has an APR of 29%, 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 N ew
month balance charges received charges
paid balance
$0.00 $188.00 $0.00 $0.00 $0.00 $188.00
S188.00 $105.00 S297.54 $4.54 $293.00 $0.00
50.00 $73.00 $27.34 $0.00 $27.34 $45.66
$45.66 $278.00 $48.11 $1.10 $47.01 $276.66
$276.66 $21.00
$6.69 $136.29 $161.36
$161.36 $ 193.00 $32.99 $3.90 $29.09 $325.27
$325 27 $344.00 $22.94 $7.86 $15.08
What is the new balance at the end of month 7?
OOOO
O A. $297.54
O B. $654.19
O C. $0
O D. $325.37
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