Question
Assume that you have a balance of $4500 on your Discover credit card and that you make no more charges. Assume that Discover charges 24%
Assume that you have a balance of $4500 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 2.5% of the balance. Find a formula for the balance B after t monthly payments.
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Foundations Of Financial Management
Authors: Stanley B. Block, Geoffrey A. Hirt, Bartley R. Danielsen
13th Edition
0073382388, 978-0073382388
