Business
Business, 06.05.2020 02:22, bethania26

G A person borrows $3,750 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. LetBnbe the balance owed on the card after n months. Find an explicit formula forBn.(c)How many months will be required to pay off the debt? (Round your answer up to the nearest whole number.)months

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G A person borrows $3,750 on a bank credit card at a nominal rate of 18% per year, which is actually...

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