Mr. Long owes $1000 on a credit card with a 9.6% annual rate of interest compounded monthly.
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Mr. Long owes $1000 on a credit card with a 9.6% annual rate of interest compounded monthly. At the end of each month, there is a minimum payment of 3% of the balance at the beginning of that month. Suppose that he pays $10 more than the minimum payment at the end of each month. Give the difference equation for the balance at the end of each month. (Assume that Mr. Long does not add any new charges to this credit card.)
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Related Book For 
Finite Mathematics And Its Applications
ISBN: 9780137616619
13th Edition
Authors: Larry J. Goldstein, David I. Schneider, Martha J. Siegel , Jill Simmons
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