# Your current credit card balance is $12,000 with a current rate of 19.9% per year. Interest is

## Question:

Your current credit card balance is $12,000 with a current rate of 19.9% per year. Interest is charged monthly. Determine what monthly payment p will pay off the card in:

a. Two years, assuming no new charges.

b. Four years, assuming no new charges.

For Problems 7–10, formulate a dynamical system that models change exactly for the described situation.

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**Related Book For**

## A First Course In Mathematical Modeling

**ISBN:** 9781285050904

5th Edition

**Authors:** Frank R. Giordano, William P. Fox, Steven B. Horton