Question

Can anyone answer this pls!!!!!!!!!!

Answer 1

u₁₂ represents the amount of loan remaining after 12 years

How to interpret u₁₂?

The function is given as:

u₀ = 8000

$u_n = u_{n-1}(1 + 0.054) - 500$

Given that the subscript n in $u_n$ represents number of years and $u_n$ represents the amount left to be paid after n years.

We can conclude that:

u₁₂ represents the amount of loan remaining after 12 years

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