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A person borrows $2,850 on a bank credit card at a nominal rate of 18% per year, which is actually charged at a rate of 1.5% per month. (a) What is the annual percentage yield (APY) for the card? (Round your answer to one decimal place.) 20 × % (b) Assume that the person does not place any additional charges on the card and pays the bank $150 each month to pay off the loan. Let B, be the balance owed on the card after n months. Find an explicit formula for Bn. 2064.6

A person borrows $2,850 on a bank credit card at a nominal rate of 18% per year, which is actually charged at a rate of 1.5% per month. (a) What is the annual percentage yield (APY) for the card? (Round your answer to one decimal place.) 20 × % (b) Assume that the person does not place any additional charges on the card and pays the bank $150 each month to pay off the loan. Let B, be the balance owed on the card after n months. Find an explicit formula for Bn. 2064.6

Advanced Engineering Mathematics
Advanced Engineering Mathematics
10th Edition
ISBN:9780470458365
Author:Erwin Kreyszig
Publisher:Erwin Kreyszig
Chapter2: Second-order Linear Odes
Section: Chapter Questions
Problem 1RQ
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A person borrows $2,850 on a bank credit card at a nominal rate of 18% per year, which is actually charged at a rate of 1.5% per month. (a) What is the annual percentage yield (APY) for the card? (Round your answer to one decimal place.) 20 x % Bri (b) Assume that the person does not place any additional charges on the card and pays the bank $150 each month to pay off the loan. Let B, be the balance owed on the card after n months. Find an explicit formula for B 2064.6 (c) How many months will be required to pay off the debt? (Round your answer up to the nearest whole number.) 23 months (d) What is the total amount of money the person will have paid for the loan? $ 3380.10
Transcribed Image Text:A person borrows $2,850 on a bank credit card at a nominal rate of 18% per year, which is actually charged at a rate of 1.5% per month. (a) What is the annual percentage yield (APY) for the card? (Round your answer to one decimal place.) 20 x % Bri (b) Assume that the person does not place any additional charges on the card and pays the bank $150 each month to pay off the loan. Let B, be the balance owed on the card after n months. Find an explicit formula for B 2064.6 (c) How many months will be required to pay off the debt? (Round your answer up to the nearest whole number.) 23 months (d) What is the total amount of money the person will have paid for the loan? $ 3380.10
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