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Assume that you have a balance of $1000 on your MasterCard and that you make no more charges. Assume that MasterCard charges 12% APR and

Assume that you have a balance of $1000 on your MasterCard and that you make no more charges. Assume that MasterCard charges 12% APR and that each month you make only the minimum payment of 5% of the balance. Find a formula for the balance B after t monthly payments.

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