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ASsume that you have a balance of $2000 on your MasterCard ana that youmake ho more charges. Assume that MasteCard charges 12% APR and that each month you make only the minimum payment of 5% of the balance. Find a formula for the balance B after t monthly payments. (Enter numerical values to four decimal places.)

ASsume that you have a balance of $2000 on your MasterCard ana that youmake ho more charges. Assume that MasteCard charges 12% APR and that each month you make only the minimum payment of 5% of the balance. Find a formula for the balance B after t monthly payments. (Enter numerical values to four decimal places.)

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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Assume that you nave a balance of $2000 on your MasterCard and that you make no more charges. Assume that MasterCard charges 12% APR and that each month you make only the minimum payment of 5% of the balance. Find a formula for the balance B after t monthly payments. (Enter numerical values to four decimal places.) Hint 1: You must write the formula as an equation, which means it should include an equal sign with variables and/or constants on both sides. The initial balance is entered in exact form. The product within the square brackets should be entered as a single number that is rounded to four decimal places. Hint 2: You are not required to use the symbol palette that appears on screen. You may use your keyboard to type +, =, and * (which is the keyboard version of the multiplication symbol). Hint 3: Type the ^ before the exponent or use the symbol palette to enter the exponent.
Transcribed Image Text:Assume that you nave a balance of $2000 on your MasterCard and that you make no more charges. Assume that MasterCard charges 12% APR and that each month you make only the minimum payment of 5% of the balance. Find a formula for the balance B after t monthly payments. (Enter numerical values to four decimal places.) Hint 1: You must write the formula as an equation, which means it should include an equal sign with variables and/or constants on both sides. The initial balance is entered in exact form. The product within the square brackets should be entered as a single number that is rounded to four decimal places. Hint 2: You are not required to use the symbol palette that appears on screen. You may use your keyboard to type +, =, and * (which is the keyboard version of the multiplication symbol). Hint 3: Type the ^ before the exponent or use the symbol palette to enter the exponent.
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