Potentially useful formulas: APY Formula:

APY =

1+

APR

n

	n

1

General Regular Deposits Balance Formula:

B_k = B₀(1+r)^k + A

(1+r)^k1

r

Monthly Annuity Yield Goal Formula:

P = M

1 +

APR

12

	(12y)

1

APR

12

1 +

APR

12

	(12y)

Minimum Payment Credit Card Balance Formula:

B_k = B₀

(1+r)(1m)

	k

[8 points] You have a balance of $3200 on your Visa credit card. Assume that you make no more charges on the card and that the card charges 14.4% APR and requires a minimum payment of 3% of the balance. Assume also that you make only the minimum payments. Find a formula for the balance B after t monthly payments. B =