MY NOTES ASK YOUR TEACHER PRACTICE ANOTHER 8. [-/3 Points) DETAILS Assume that you have a balance of $4000 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 after t monthly payments. (Enter numerical values to four decimal places.) Hint 1: You must write the formule as an equation, which means it should include an equal sign with variables and/or constants on both sides. The initial balance is entered in exact form. The product within the square brackets should be entered as a single number that is rounded to four decimal places Hent 2: Type the before the exponent or use the symbol palette to enter the exponent. Show My Workona MY NOTES ASK YOUR TEACHER PRACTICE ANOTHER 9. (-/3 Points) DETAILS You have a balance of $12,000 for your tuition on your American Express credit card. Assume that you make no more charges on the card. Also assume that American Express charges 15% APR and that each month you make only the minimum payment of 6of the balance What percentage of the previous balance is paid off each month? Round the percentage to one decimal place (Hint: Construct a formula for the balance after t minimum payments and simplify the decay factor in order to answer this question) 3:49 PM 7/11/20 Type here to search MY NOTES ASK YOUR TEACHER PRACTICE ANOTHER 8. [-/3 Points) DETAILS Assume that you have a balance of $4000 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 after t monthly payments. (Enter numerical values to four decimal places.) Hint 1: You must write the formule as an equation, which means it should include an equal sign with variables and/or constants on both sides. The initial balance is entered in exact form. The product within the square brackets should be entered as a single number that is rounded to four decimal places Hent 2: Type the before the exponent or use the symbol palette to enter the exponent. Show My Workona MY NOTES ASK YOUR TEACHER PRACTICE ANOTHER 9. (-/3 Points) DETAILS You have a balance of $12,000 for your tuition on your American Express credit card. Assume that you make no more charges on the card. Also assume that American Express charges 15% APR and that each month you make only the minimum payment of 6of the balance What percentage of the previous balance is paid off each month? Round the percentage to one decimal place (Hint: Construct a formula for the balance after t minimum payments and simplify the decay factor in order to answer this question) 3:49 PM 7/11/20 Type here to search