Assume that you have a balance of $4500 on your Discover credit card and that you make no more charges. Assume that Discover charges 21.9% APR and that each month you make only the minimum payment of 4.5% of the balance.

Find a formula for the balance B after t monthly payments.

Answer rating: 100% (QA)

We have the following information Present value 4500 Monthly charge 21912 183 Therefore each ... View the full answer