Asked by Math
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(0.987783)t
B. 5000(1.048883)t
C. 5000(1.011117)t
D. 5000(0.952217)t
A. 5000(0.987783)t
B. 5000(1.048883)t
C. 5000(1.011117)t
D. 5000(0.952217)t
Answers
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