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vesna_86 [32]
3 years ago
7

Nashota pays $30 each month on a credit card that charges 1.4% interest monthly. She has a balance of $450. The balance at the b

eginning of the month is given by the following function that is defined recursively. Find the balance at the beginning of the fifth month
Mathematics
1 answer:
Gnom [1K]3 years ago
8 0
To answer, we project the current balance to future worth.
                                      FV = ($450) x (1 + 0.014)^5
                                        FV = $482.40

Also, we convert the monthly amount to future worth by the equation,
                            FV = M x ((1 + r)^n - 1) / r)
Substituting,
                             FV = ($30) x (1 + 0.014)^5 - 1)/0.014)
                             FV = $152.3
Subtracting the calculated values,
                            Balance = $482.40 - $152.3
                             Balance = $328.14
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