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=______
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Bank Valuation And Value Based Management Deposit And Loan Pricing Performance Evaluation And Risk
Authors: Jean Dermine
2nd Edition
0071839488,0071839496
