You have a balance of $ 10,000 for your tuition on your American Express credit card. Assume that you make no more charges on the card. Also assume that American Express charges 24 % APR and that each month you make only the minimum payment of 2 % of the balance Find a formula for the balance after t monthly payments. How much will you owe after 10 years of payments? How much would you owe if you made 100 years of payments? Find when the balance would be less than $ 50 .

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