SOLUTION: You pay off a debt of $550 by paying 19% of the remaining balance each month. Find a formula that gives the remaining debt D after t months. D = __________

SOLUTION: You pay off a debt of $550 by paying 19% of the remaining balance each month. Find a formula that gives the remaining debt D after t months. D = ___________ My answer was com

Question 1042378: You pay off a debt of $550 by paying 19% of the remaining balance each month. Find a formula that gives the remaining debt D after t months.
D = ___________
My answer was completely wrong. I have no idea how to solve this.

Found 2 solutions by Alan3354, josmiceli:
Answer by Alan3354(69443) (Show Source): You can put this solution on YOUR website!
You pay off a debt of $550 by paying 19% of the remaining balance each month. Find a formula that gives the remaining debt D after t months.
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After each payment, you owe 81%.
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D = $550*0.81^t
Answer by josmiceli(19441) (Show Source): You can put this solution on YOUR website!
Maybe I can do it step by step
If I let ( no months have passed )

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This pattern continues, so the general formula is:

I hope you see this. Each month 19% of the
PREVIOUS months balance gets subtracted.
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