Assume that you have a balance of $3000 on your Discover credit card and that you make no more charges

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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 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