Please be sure to clearly type the formula so that I know what it is with the answer. Thank you :)

Assume that you have a balance of $4000 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 +, 5, and *(which is the keyboard version of the multiplication symbol). Hint 3: Type them before the exponent or use the symbol palette to enter the exponent. X