Question
Assume that you have a balance of $4000 on your Discover credit card and that you make no more charges. Assume that Discover charges 21%
Assume that you have a balance of $4000 on your Discover credit card and that you make no more charges. Assume that Discover charges 21% 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. (Enter numerical values to four decimal places.)
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Investment Analysis And Portfolio Management
Authors: Frank K. Reilly, Peggy L. Hedges, Philip Chang, Keith C. Brown, Hedges Reilly Brown
1st Canadian Edition
0176500693, 978-0176500696
