Question
1)Assume that you have a balance of $3500 on your Discover credit card and that you make no more charges. Assume that Discover charges 24%
1)Assume that you have a balance of $3500 on your Discover credit card and that you make no more charges. Assume that Discover charges 24% APR and that each month you make only the minimum payment of 3.5% of the balance. Find a formula for the balance B after t monthly payments. B=_______
2)Assume that you have a balance of $7000 on your Discover credit card and that you make no more charges. Assume that Discover charges 15% APR and that each month you make only the minimum payment of 2% of the balance. Find a formula for the remaining balance B after t monthly payments.B=______
Step by Step Solution
There are 3 Steps involved in it
Step: 1
Get Instant Access to Expert-Tailored Solutions
See step-by-step solutions with expert insights and AI powered tools for academic success
Step: 2
Step: 3
Ace Your Homework with AI
Get the answers you need in no time with our AI-driven, step-by-step assistance
Get Started