Assume that you have a balance of \$3000 on your Discover credit...

Question

Assume that you have a balance of \$3000 on your Discover credit...

Assume that you have a balance of \$3000 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.

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

Assume that you have a balance of \$3400 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 2.5% of the balance.

On what balance do you begin making payments of \$80 or less?

\$_______

Assume that you have a balance of \$4600 on your Discover credit card and that you make no more charges. Assume that Discover charges 21% APR and that each month you make only the minimum payment of 2% of the balance.

Find how many months it will take to bring the remaining balance down to \$2500. (Round your answer to the nearest whole number.)

______ months

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