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 rate (APR) for the card? (See Example 5.6.8 for a definition of APR.) 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 Bn be the balance owed on the card after n months. Find an explicit formula for Bn . c. How long will be required to pay off the debt? d. What is the total amount of money the person will have paid for the loan? If you could please answer b and d for me I put the other 2 questions there in cases they where somehow a part of b and d
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 rate (APR) for the card?
(See Example 5.6.8 for a definition of APR.)
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 Bn be the balance owed
on the card after n months. Find an explicit formula
for Bn .
c. How long will be required to pay off the debt?
d. What is the total amount of money the person will have
paid for the loan?
If you could please answer b and d for me I put the other 2 questions there in cases they where somehow a part of b and d
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