Question

you take out a mortgage for 350,000$ at 4% compounded monthly your payment is 1671$ write a recursive formula

Answer 1

Answer:

Not sure if this is right but it might be something like

350,000-4%+1671m

or

3500,000-4%y/1671m

Step-by-step explanation:

The numbers we know are 350,000 4% and 1671 per month

350,000 is the full mortgage

4% is the APR or annual percentage rate like interest

and we know the monthly for the mortgage is 1671 per month