Concept explainers
Paying Off a Credit Card Suppose you owe $15, 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
How many payments will you have to make to get the balance below $100?
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EBK FUNCTIONS AND CHANGE: A MODELING AP
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