with Suppose you owe $12,000 on a credit card that carries an APR of 24% Because the balance is so high, you choose to stop charging and pay off the card. You decide to make only the minimum monthly payments, which is 5% of the balance. Then your balance after 1 months can be calculated B(r) =12000 (1.02 x 0.95)' How many months will you have to make payments to get the balance below $100? Ill have to make payments for [A] months to get the balance below $100.
with Suppose you owe $12,000 on a credit card that carries an APR of 24% Because the balance is so high, you choose to stop charging and pay off the card. You decide to make only the minimum monthly payments, which is 5% of the balance. Then your balance after 1 months can be calculated B(r) =12000 (1.02 x 0.95)' How many months will you have to make payments to get the balance below $100? Ill have to make payments for [A] months to get the balance below $100.
Chapter1: Making Economics Decisions
Section: Chapter Questions
Problem 1QTC
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help please answer in text form with proper workings and explanation for each and every part and steps with concept and introduction no AI no copy paste remember answer must be in proper format with all working
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Suppose you owe $12,000 on a credit card that carries an APR of 24% Because the balance is so high, you choose to stop charging and pay off the card. You decide to make only the minimum monthly payments, which is 5% of the balance. Then your balance after 1 months can be calculated
B(r) =12000 (1.02 x 0.95)'
How many months will you have to make payments to get the balance below $100?
Ill have to make payments for [A] months to get the balance below $100.](/v2/_next/image?url=https%3A%2F%2Fcontent.bartleby.com%2Fqna-images%2Fquestion%2F4df87f30-3cda-48b0-90bc-ef9a460b0373%2F8a33a5de-b9e0-49d5-a894-82206354d16b%2Fd2kte7_processed.jpeg&w=3840&q=75)
Transcribed Image Text:with
Suppose you owe $12,000 on a credit card that carries an APR of 24% Because the balance is so high, you choose to stop charging and pay off the card. You decide to make only the minimum monthly payments, which is 5% of the balance. Then your balance after 1 months can be calculated
B(r) =12000 (1.02 x 0.95)'
How many months will you have to make payments to get the balance below $100?
Ill have to make payments for [A] months to get the balance below $100.
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