just number 8

7. A person saving for retirement makes an initial deposit of $1000 to a bank account earning interest at a nominal rate of 6% per year compounded monthly, and each month she adds an additional $100 to the account a) For each nonnegative integer n, let A(n) be the amount in the account at the end of nth month. Find a recurrence relation relating A(n) and A(n-1) b) Find an explicit formula for A(n) c) How much will the account be worth at the end of 25 years? d) In how many years will the account be worth $15000? 8. A person borrowed $4000 on a bank credit card at a nominal rate of 24% per year, which is actually charged at a rate of 2% per month. a) what is the effective annual percentage rate (Effective APR) for the card? b) Assume that the person does not place any additional charges on the card and pays the bank $300 each month to pay off the loan. Let B(n) be the balance owed on the card after n months. Find explicit formula for B(n). 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? 9. Solve the recursion: 8. A person borrowed $4000 on a bank credit card at a nominal rate of 24% per year, which is actually charged at a rate of 2% per month. a) what is the effective annual percentage rate (Effective APR) for the card? b) Assume that the person does not place any additional charges on the card and pays the bank $300 each month to pay off the loan. Let B(n) be the balance owed on the card after n months. Find explicit formula for B(n). 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