Algebra and Trigonometry (6th Edition)
Algebra and Trigonometry (6th Edition)
6th Edition
ISBN: 9780134463216
Author: Robert F. Blitzer
Publisher: PEARSON
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Suppose you owe $14,000 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 = 14,000(1.02 ✕ 0.95)t
 dollars.
How many payments will you have to make to get the balance below $200? (Enter the smallest such number of payments as an integer.)
 payments
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