A person borrows $3.000 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.) (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 a months. Find an explicit formula for 8 (c) How many months will be required to pay off the debt? (Round your answer up to the nearest whole number.) months (d) What is the total amount of money the person will have paid for the loan?
Unitary Method
The word “unitary” comes from the word “unit”, which means a single and complete entity. In this method, we find the value of a unit product from the given number of products, and then we solve for the other number of products.
Speed, Time, and Distance
Imagine you and 3 of your friends are planning to go to the playground at 6 in the evening. Your house is one mile away from the playground and one of your friends named Jim must start at 5 pm to reach the playground by walk. The other two friends are 3 miles away.
Profit and Loss
The amount earned or lost on the sale of one or more items is referred to as the profit or loss on that item.
Units and Measurements
Measurements and comparisons are the foundation of science and engineering. We, therefore, need rules that tell us how things are measured and compared. For these measurements and comparisons, we perform certain experiments, and we will need the experiments to set up the devices.
![**Credit Card Debt Calculation Problem**
A person borrows $3,000 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.)
[Input Box] %
(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 \( B_n \) be the balance owed on the card after \( n \) months. Find an explicit formula for \( B_n \).**
[Input Box]
(c) **How many months will be required to pay off the debt?**
(Round your answer up to the nearest whole number.)
[Input Box] months
(d) **What is the total amount of money the person will have paid for the loan?**
$[Input Box]
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