Word problems/exponential functions

Question

A credit card balance of $5000 with 24.96% apr compounded monthly went unpaid for several years

write an exponential function f(m), modeling balance of the card after m months

find the balance after 5 years

if a second card with the same interest terms has balance of $25000 after 5 years, find the initial balance on the cRd

please show the steps, my teacher didn’t cover this

Answer 1

A = 5000(1 + 0.2496/12)¹²⁽⁵⁾

A = 5000(1.0208)⁶⁰

A ≈ 5000(3.439)

A ≈ 17,195.30

25000 ≈ p(3.439)

7,269.56 ≈ p