Suppose you owe $500 on your credit card and you decide to

Last updated: 7/7/2022

Suppose you owe $500 on your credit card and you decide to make no new purchases and to make the minimum monthly payment on the account. Assuming that the interest rate on your card is 2% per month on the unpaid balance and that the minimum payment is 3% of the total (balance plus interest), your balance after t months is given by B(t) = 500(0.9894¹). Find your balance at each of the given times. Complete parts (a) through (e) below. (a) six months After six months, the balance is (Round to the nearest cent as needed.) (b) one year (remember that t is in months) After one year, the balance is (Round to the nearest cent as needed.) (c) four years After four years, the balance is (Round to the nearest cent as needed.)