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   T = 2- log(B) _____________ log(0.95(1+r/12))                  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 27%? (Report your answer to the nearest whole month.)     __________months

Q: Which of the following scenarios best represents a constant rate of change? Group of answer choices…

A: The objective of the question is to identify the scenario that best represents a constant rate of…

Q: Serenity is going to invest $130 and leave it in an account for 19 years. Assuming the interest is…

A: Just use the formula for the compound interest and simplify.

Q: The rate of a continuous money flow starts at $1300 and increases exponentially at 6% per year for…

A: Solution:-

Q: The rate of a continuous money flow starts at $700 and increases exponentially at 4% per year for 20…

A: Initial Amount (P0): $700 R = 4% = 0.04

Q: If interest in a bank account is compounded continuously, the amount grows at a rate that is…

A: Solution: Given data, Initial amount P = $1000 rate r= 5% = 0.05 According to continuously…

Q: your parents deposited $15,000 into an account when you were born to help pay for college. The bank…

A:

Q: Double derivative.

A:

Q: On the day of a child’s birth, a deposit of $P is made in a trust fund that pays 8.75% interest,…

A:

Q: Assume that a person have $2000 dollars deposit in their account with 3% annual interest rate…

A:

Q: An investment earns an annual interest rate of 4.6%. What continuous annual interest rate will…

A: Interest Rate = 4.6% (per annual) he contionus same grouth per annual then  intrest rate will be…

Differential Equations

Have you ever observed the movement of the satellites and rockets or how the planets go around the sun in their orbits? How will you determine their motion? Definitely they follow some scientific laws and these kinds of problems are framed as differential equations.