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8. A credit card company charges 3% interest on any previous unpaid bal- ance from a person and the person pays of 20% of that previous balance. Also, another Rs. 300 is charged on that credit card from the person for not paying the full amount. (i) Formulate a discrete model for the monthly unpaid balance. (ii) What level will the unpaid balance gradually approach?

8. A credit card company charges 3% interest on any previous unpaid bal- ance from a person and the person pays of 20% of that previous balance. Also, another Rs. 300 is charged on that credit card from the person for not paying the full amount. (i) Formulate a discrete model for the monthly unpaid balance. (ii) What level will the unpaid balance gradually approach?

Advanced Engineering Mathematics
Advanced Engineering Mathematics
10th Edition
ISBN:9780470458365
Author:Erwin Kreyszig
Publisher:Erwin Kreyszig
Chapter2: Second-order Linear Odes
Section: Chapter Questions
Problem 1RQ
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8. A credit card company charges 3% interest on any previous unpaid bal- ance from a person and the person pays of 20% of that previous balance. Also, another Rs. 300 is charged on that credit card from the person for not paying the full amount. (i) Formulate a discrete model for the monthly unpaid balance. (ii) What level will the unpaid balance gradually approach?
Transcribed Image Text:8. A credit card company charges 3% interest on any previous unpaid bal- ance from a person and the person pays of 20% of that previous balance. Also, another Rs. 300 is charged on that credit card from the person for not paying the full amount. (i) Formulate a discrete model for the monthly unpaid balance. (ii) What level will the unpaid balance gradually approach?
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