Suppose you owe $18,000 on a credit card that carries an APR of 24%. Because the balance is so high, you choose to stop charging and pay off the card. You can afford to make only the minimum monthly payment, which is 5% of the balance. Then your balance after t months is given by B = 18,000(1.02 ✕ 0.95)t dollars. How many payments will you have to make to get the balance below $100?
Suppose you owe $18,000 on a credit card that carries an APR of 24%. Because the balance is so high, you choose to stop charging and pay off the card. You can afford to make only the minimum monthly payment, which is 5% of the balance. Then your balance after t months is given by B = 18,000(1.02 ✕ 0.95)t dollars. How many payments will you have to make to get the balance below $100?
Chapter9: Sequences, Probability And Counting Theory
Section9.4: Series And Their Notations
Problem 57SE: Karl has two years to save $10000 to buy a used car when he graduates. To the nearest dollar, what...
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Suppose you owe $18,000 on a credit card that carries an APR of 24%. Because the balance is so high, you choose to stop charging and pay off the card. You can afford to make only the minimum monthly payment, which is 5% of the balance. Then your balance after t months is given by
B = 18,000(1.02 ✕ 0.95)t
dollars.
How many payments will you have to make to get the balance below $100?
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