quantitative reasoning

timer Asked: Mar 9th, 2016

Question description

You have a balance of $3900 on your Visa credit card. Assume that you make no more charges on the card and that the card charges 9.9% APR and requires a minimum payment of 3% of the balance. Assume also that you make only the minimum payments. 

Find a formula for the balance B after t monthly payments. (Enter numerical values to seven decimal places.) 

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