Assume that you have a balance of $1000 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.

Answer rating: 100% (QA)

We are given that Present value of balance 1000 Rate of interest 12 APR Monthly minimum payme... View the full answer