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Jillian has $\$2,\!000$ in credit card debt. Every month, she pays $\$200$ to the credit card company at the beginning of the month, the credit card company applies a $2\%$ monthly interest rate to the balance at the end of the month, and her balance is always rounded to the nearest cent. After the end of five months, what is her ending balance after interest?

Guest Aug 7, 2018
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first month 2000 - 200 = 1800 x 1.02 = 1836

second month 1836 - 200 = 1636 x 1.02 = 1668.72

third month 1668.72 - 200 = 1468.72 x 1.02 = 1498.09

fourth month 1498.09 - 200 = 1298.09 x 1.02 = 1324.06

fifth month 1324.06 - 200 = 1124.06 x 1.02 = 1146.54

Guest Aug 7, 2018

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