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You have a balance of $9900 for your tuition on your American Express credit card. Assume that you make no more charges on the
You have a balance of $9900 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 11% APR and that each month you make only the minimum payment of 4% of the balance. Find a formula for the balance after I monthly payments. (Give an exact solution. Use symbolic notation and fractions where needed.) balance after 1 months: S
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