You have a credit card with an APR of 22%. The card requires a minimum monthly payment of 14% of the balance. You have a balance of $7,400. You stop charging and make only minimum monthly payments.

(a)Find a formula for the balance, B, after t monthly payments. Simplify the decay factor to 4 decimal places.

(b)According to the formula you just created, what percentage of the credit cards balance is paid off each month? Give your answer as a percentage rounded to two decimal places. Write your result in a complete sentence. (the answer to this question should be 12.17%)

Thank you!