Assume that you have a balance of $$6000$ 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. $($Enter numerical values to four decimal places.$)$

Hint $1$: You must write the formula as an equation, which means it should include an equal sign with variables and$/$or constants on both sides. The initial balance is entered in exact form. The product within the square brackets should be entered as a single number that is rounded to four decimal places.

Hint $2$: You are not required to use the symbol palette that appears on screen. You may use your keyboard to type $+,=,$ and $*($which is the keyboard version of the multiplication symbol$).$

Hint $3$: Type the $^$ before the exponent or use the symbol palette to enter the exponent.