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Assume that you have a balance of $3000 on your Discover credit card and that you make no more charges. Assume that Discover charges 18% APR and that each month you make only the minimum payment of 2% of the balance.

Find a formula for the remaining balance B after t monthly payments. (Enter numerical values to five decimal places.)

 Mar 29, 2018
 #1
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Use exactly the same procedure as in your last question about $5,000 credit card loan.

All you have to do is to change the numbers and copy everything else exactly the same!

 Mar 29, 2018
 #3
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See explanation of how it should be calculated, under your $5,000 question, after I figured out how the question should have been posted.

Just copy the same method and change the figures.

 Mar 29, 2018

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