Question: Please explain in writting how you find the formula. Please write down explanation, not just the final answer. Thank you! Assume that you have a

Please explain in writting how you find the formula. Please write down explanation, not just the final answer. Thank you!

Assume that you have a balance of $8000 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. (Enter numerical values to four decimal places.)

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