Question: I need help with discrete mathematics question A person spends A dollars on a credit card before vowing to never borrow on a credit card

I need help with discrete mathematics question

I need help with discrete mathematics question A person spends A dollars

A person spends A dollars on a credit card before vowing to never borrow on a credit card again. At the beginning of each month this person is charged interest at a rate of r on the amount owed, and then the person makes a payment p during the month. The amount the person owes at the end of the current month is the amount owed at the end of the prior month plus the interest, and it is only after the interest is calculated and added that the payment is applied. (a) Give the recurrence relation for a, the amount owed in month n, and the initial conditions. (b) Write out the following terms in this sequence: 01, 02, 43, 04. (c) Write down the pattern you see for a, using sum notation. N brk = b 1- pN+1 (d) Use the geometric sum formula: 1-r to solve the recurrence you created above for an. (e) A person borrows $2,000, on a credit card at a rate of 17.5% annual interest compounded monthly. The person consistently pays the minimum payment of $50 per month on the credit card. Assuming this person makes no further credit card purchases, how much does the person owe after 2 years of payments? (Self-check: your answer should be between $1,300 and $1,700 dollars.) Round your answer to the nearest cent

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