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Find formula for remaining balance b after t monthly payment

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Reference no: EM132902858

Assume that you have a balance of $5000 on your Discover credit card and that you make no more charges. Assume that Discover charges 15% APR and that each month you make only the minimum payment of 2% of the balance.

Problem 1: Find a formula for the remaining balance B after t monthly payments.

Reference no: EM132902858

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