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You have a credit card debt of $5,000. The annual interest rate for your credit card is 18%, compounded monthly. Each month, you make a
You have a credit card debt of $5,000. The annual interest rate for your credit card is 18%, compounded monthly. Each month, you make a payment to reduce your debt. In the first month, your payment is $200. Every month after that, you increase your payment by 1%. That is, your payment in the second month is $202.00; your payment in the third month is $204.02; and so forth.
Give a dynamic systems model, using one variable a(n), for your debt in month n.
Find the particular solution to this system
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