What percentage of the credit cards balance is paid off, Financial Accounting

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What percentage of the credit cards balance is paid off

Problem

You have a credit card with an APR of 22%. The card requires a minimum monthly payment of 14% of the balance. You have a balance of $7,400. You stop charging and make only minimum monthly payments.

1. Find a formula for the balance, B, after t monthly payments. Simplify the decay factor to 4 decimal places.

2. According to the formula you just created, what percentage of the credit card's balance is paid off each month? Give your answer as a percentage rounded to two decimal places.

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Financial Accounting: What percentage of the credit cards balance is paid off

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