Assume that you have a balance of $1000 on your MasterCard and that you make no more
Fantastic news! We've Found the answer you've been seeking!
Question:
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.
Related Book For
Financial Theory and Corporate Policy
ISBN: 978-0321127211
4th edition
Authors: Thomas E. Copeland, J. Fred Weston, Kuldeep Shastri
Posted Date: