Mathematics, 04.02.2020 08:49, bri9263

Assume that you have a balance of $5000 on your visa credit card and that you make no more charges. if your apr is 22% and each month you make only the minimum payment of 3% of your balance, then find a formula for the balance after t monthly payments.

a) 5000(0.952217)t

b) 5000(1.07)t

c) 5000(0.987783)t

d) 5000(1.048883)t

can someone explain to me how to solve this

Answers: 1

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Assume that you have a balance of $5000 on your visa credit card and that you make no more charges....