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. What formula did you come up with? (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.

Hi can someone help me understand how to build a formula for this question?

Thank you