First off this might not be the right subject but this class is under computer science at my school and this question was asked the class is discrete mathematics 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. 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 Bn be the balance owed on the card after n months. Find an explicit formula for Bn . b. What is the total amount of money the person will have paid for the loan? This is for my discrete mathematics class I think I have defined the correct recursive function for this being f(n) = f(n-1)(1.015) -150 my issue is making this be an explicit formul
First off this might not be the right subject but this class is under computer science at my school and this question was asked the class is discrete mathematics
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. 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 Bn be the balance owed
on the card after n months. Find an explicit formula
for Bn .
b. What is the total amount of money the person will have
paid for the loan?
This is for my discrete mathematics class I think I have defined the correct recursive function for this being f(n) = f(n-1)(1.015) -150 my issue is making this be an explicit formula
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