A loan of $5,000 is charged a 12% annual interest rate. An $80 payment is made each month. a. Write a recurrence relation for th
e loan balance remaining at the beginning of month n. b. Solve the recurrence relation. (See Exercise 27 of Section 2.2 for the formula for the sum of a geometric sequence.) c. How much is left of the loan balance at the beginning of the 19th month?
1 answer:
You might be interested in