Question
You have a balance of $7500 on your credit card and you make no further charges. If
your APR is 12.5% and each month you make only the minimum payment of 5% of
your balance, then find a formula for the balance after
t
monthly payments.
A) 7500(0.959896)
t
B) 7500(0.940104)
t
C) 7500(1.03906)
t
D) 7500(1.06094)
t
your APR is 12.5% and each month you make only the minimum payment of 5% of
your balance, then find a formula for the balance after
t
monthly payments.
A) 7500(0.959896)
t
B) 7500(0.940104)
t
C) 7500(1.03906)
t
D) 7500(1.06094)
t
Answers
thomas
D) 7500(1.06094)
t
t