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

C) 5000(0.987783)^t

Step-by-step explanation:

The monthly interest rate is the APR divided by 12, so is 22%/12 ≈ 0.018333.

Each month, the previous balance (B) has interest charges added to it, so the new balance is ...

balance with interest charges = B + (22%)/12×B = 1.018333×B

The minimum payment is 3% of this amount, so the new balance for the next month is ...

balance after payment = (1.018333B)(1 - 0.03) = 0.987783B

Since the balance is multiplied by 0.987783 each month, after t payments, the balance starting with 5000 will be ...

5000×0.987783^t . . . . . . . . . matches choice C

450

step-by-step explanation:

you get texts and minutes, so why not

question

what is the value of the third quartile of the data set represented by this box plot? a. 19 b. 21 c. 26 d. 29

answer

c