If he has $75 and need $93 to make the purchase, he needs to find the difference between what he needs and what he has:
93 - 75 = 18
He needs to borrow $18 to make the purchase.
Answer:
The APY of the saving account is 4.0474%
Step-by-step explanation:
We know the formula for APY which is given by

here, r= interset rate = 3.9742% = 0.039742
n = compounding cycles = 12
On plugging these values in the above formula, we get

On simplifying this we get
APY =0.04047395=4.0474%