Suppose you have a balance of B dollars on a credit card. You choose to stop charging and pay off the card, making only minimum monthly payments. If your card charges an APR of r, as a decimal, and requires a minimum monthly payment of 5% of the balance, then the time T, in months, required to reduce your balance to $100 is given by 2- log(B) T= Suppose your current balance is $8000. (a) How long will it take to reduce your balance to $100 if the APR for your card is 29%? Report your answer to the nearest whole month. x months
Suppose you have a balance of B dollars on a credit card. You choose to stop charging and pay off the card, making only minimum monthly payments. If your card charges an APR of r, as a decimal, and requires a minimum monthly payment of 5% of the balance, then the time T, in months, required to reduce your balance to $100 is given by 2- log(B) T= Suppose your current balance is $8000. (a) How long will it take to reduce your balance to $100 if the APR for your card is 29%? Report your answer to the nearest whole month. x months
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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![Suppose you have a balance of B dollars on a credit card. You choose to stop charging and pay off the card, making only minimum monthly payments. If your card charges an APR of r, as a decimal, and requires
a minimum monthly payment of 5% of the balance, then the time T, in months, required to reduce your balance to $100 is given by
2- log(B)
T.
Suppose your current balance is $8000.
(a) How long will it take to reduce your balance to $100 if the APR for your card is 29%? Report your answer to the nearest whole month.
x months](/v2/_next/image?url=https%3A%2F%2Fcontent.bartleby.com%2Fqna-images%2Fquestion%2Fc3c921cf-1e10-4bad-8062-6977205742a5%2Fd7f5ecb1-1d04-4ae6-a05e-233cb9766d1d%2Fszg45zk_processed.jpeg&w=3840&q=75)
Transcribed Image Text:Suppose you have a balance of B dollars on a credit card. You choose to stop charging and pay off the card, making only minimum monthly payments. If your card charges an APR of r, as a decimal, and requires
a minimum monthly payment of 5% of the balance, then the time T, in months, required to reduce your balance to $100 is given by
2- log(B)
T.
Suppose your current balance is $8000.
(a) How long will it take to reduce your balance to $100 if the APR for your card is 29%? Report your answer to the nearest whole month.
x months
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