John has a balance of $3000 on his Discover card that charges 1% interest per month on
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John has a balance of $3000 on his Discover card that charges 1% interest per month on any unpaid balance. John can afford to pay $100 toward the balance each month. His balance each month after making a $100 payment is given by the recursively defined sequence
B0 = $3000 Bn = 1.01Bn-1 - 100
Determine John’s balance after making the first payment. That is, determine B1.
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