Assume that you nave a balance of $2000 on your MasterCard and that you make no more charges. Assume that MasterCardcharges 12% APR and that each month you make only the minimum payment of 5% of the balance.Find a formula for the balance B after t monthly payments. (Enter numerical values to four decimal places.)Hint 1: You must write the formula as an equation, which means it should include an equal sign with variables and/or constantson both sides. The initial balance is entered in exact form. The product within the square brackets should be entered as a singlenumber that is rounded to four decimal places.Hint 2: You are not required to use the symbol palette that appears on screen. You may use your keyboard to type +, =, and *(which is the keyboard version of the multiplication symbol).Hint 3: Type the ^ before the exponent or use the symbol palette to enter the exponent.

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ASsume that you have a balance of $2000 on your MasterCard ana that youmake ho more charges. Assume that MasteCard charges 12% APR and that each month you make only the minimum payment of 5% of the balance. Find a formula for the balance B after t monthly payments. (Enter numerical values to four decimal places.)

ASsume that you have a balance of $2000 on your MasterCard ana that youmake ho more charges. Assume that MasteCard charges 12% APR and that each month you make only the minimum payment of 5% of the balance. Find a formula for the balance B after t monthly payments. (Enter numerical values to four decimal places.)

Algebra & Trigonometry with Analytic Geometry

13th Edition

ISBN:9781133382119

Author:Swokowski

Publisher:Swokowski

Chapter5: Inverse, Exponential, And Logarithmic Functions

Section5.2: Exponential Functions

Problem 55E

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