A customer purchased items costing $360 with a national credit card that charges 1.5% interest per month compounded monthly.
a. Write a recurrence relation and initial conditions for bn, the balance after n months if no further charges occur and the minimum monthly payment of $25 is made.
b. Find a general solution of the recurrence relation and the solution for this discrete dynamical system.
c. Give the value of the account after 12 months, i.e., b(12).

Question

A customer purchased items costing $360 with a national credit card that charges 1.5% interest per month compounded monthly. 
a.	Write a recurrence relation and initial conditions for bn, the balance after n months if no further charges occur and the minimum monthly payment of $25 is made. 
b.	Find a general solution of the recurrence relation and the solution for this discrete dynamical system. 
c.	Give the value of the account after 12 months, i.e., b(12).

anonymous · Answer

This is actually pretty similar to one I worked out here

anonymous · Answer

http://openstudy.com/groups/mathematics#/groups/mathematics/updates/4dcaeded40ec8b0b25081117