Answer :
To solve for the total amount that Leroy has paid in interest over the 7 months, we need to focus on the finance charges column in the provided table. The finance charges represent the interest Leroy has paid each month. We will total these charges to determine the total interest paid over the period.
Here is Leroy's credit card record with the finance charges highlighted for each month:
[tex]\[ \begin{array}{ccccccc} \hline \text{End of month} & \text{Previous balance} & \text{New charges} & \text{Payment received} & \text{Finance charges} & \text{Principal paid} & \text{New balance} \\ \hline 1 & \$0.00 & \$2600.00 & \$0.00 & \$0.00 & \$0.00 & \$2600.00 \\ 2 & \$2600.00 & \$0.00 & \$52.00 & \$45.50 & \$6.50 & \$2593.50 \\ 3 & \$2593.50 & \$0.00 & \$51.87 & \$45.39 & \$6.48 & \$2587.02 \\ 4 & \$2587.02 & \$0.00 & \$51.74 & \$45.27 & \$6.47 & \$2580.55 \\ 5 & \$2580.55 & \$0.00 & \$51.61 & \$45.16 & \$6.45 & \$2574.10 \\ 6 & \$2574.10 & \$0.00 & \$51.48 & \$45.05 & \$6.44 & \$2567.66 \\ 7 & \$2567.66 & \$0.00 & \$51.35 & \$44.93 & \$6.42 & \$2561.24 \\ \hline \end{array} \][/tex]
The finance charges for each of the months are as follows:
1. Month 1: \[tex]$0.00 2. Month 2: \$[/tex]45.50
3. Month 3: \[tex]$45.39 4. Month 4: \$[/tex]45.27
5. Month 5: \[tex]$45.16 6. Month 6: \$[/tex]45.05
7. Month 7: \[tex]$44.93 To obtain the total interest paid over the 7 months, we sum these finance charges: \[ 0.00 + 45.50 + 45.39 + 45.27 + 45.16 + 45.05 + 44.93 = 271.30 \] Therefore, the total amount that Leroy has paid in interest over the 7 months is: \[ \boxed{271.30} \text{ dollars} \] The correct answer is D. $[/tex]271.30$.
Here is Leroy's credit card record with the finance charges highlighted for each month:
[tex]\[ \begin{array}{ccccccc} \hline \text{End of month} & \text{Previous balance} & \text{New charges} & \text{Payment received} & \text{Finance charges} & \text{Principal paid} & \text{New balance} \\ \hline 1 & \$0.00 & \$2600.00 & \$0.00 & \$0.00 & \$0.00 & \$2600.00 \\ 2 & \$2600.00 & \$0.00 & \$52.00 & \$45.50 & \$6.50 & \$2593.50 \\ 3 & \$2593.50 & \$0.00 & \$51.87 & \$45.39 & \$6.48 & \$2587.02 \\ 4 & \$2587.02 & \$0.00 & \$51.74 & \$45.27 & \$6.47 & \$2580.55 \\ 5 & \$2580.55 & \$0.00 & \$51.61 & \$45.16 & \$6.45 & \$2574.10 \\ 6 & \$2574.10 & \$0.00 & \$51.48 & \$45.05 & \$6.44 & \$2567.66 \\ 7 & \$2567.66 & \$0.00 & \$51.35 & \$44.93 & \$6.42 & \$2561.24 \\ \hline \end{array} \][/tex]
The finance charges for each of the months are as follows:
1. Month 1: \[tex]$0.00 2. Month 2: \$[/tex]45.50
3. Month 3: \[tex]$45.39 4. Month 4: \$[/tex]45.27
5. Month 5: \[tex]$45.16 6. Month 6: \$[/tex]45.05
7. Month 7: \[tex]$44.93 To obtain the total interest paid over the 7 months, we sum these finance charges: \[ 0.00 + 45.50 + 45.39 + 45.27 + 45.16 + 45.05 + 44.93 = 271.30 \] Therefore, the total amount that Leroy has paid in interest over the 7 months is: \[ \boxed{271.30} \text{ dollars} \] The correct answer is D. $[/tex]271.30$.
