Assume that you have a balance of $4500 on your Visa credit card and that you make no more charges. Assume that Visa charges 21% APR and that each month you make only the minimum payment of 2.5% of the balance.   What will the balance be after 2 years? $[answer].

Advanced Engineering Mathematics
10th Edition
ISBN:9780470458365
Author:Erwin Kreyszig
Publisher:Erwin Kreyszig
Chapter2: Second-order Linear Odes
Section: Chapter Questions
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Assume that you have a balance of $4500 on your Visa credit card and that you make no more charges. Assume that Visa charges 21% APR and that each month you make only the minimum payment of 2.5% of the balance.

 

What will the balance be after 2 years? $[answer].

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