Your parents are considering a 30-year, $100,000 mortgage that charges 0.5% interest each month. Formulate a model
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Your parents are considering a 30-year, $100,000 mortgage that charges 0.5% interest each month. Formulate a model in terms of a monthly payment p that allows the mortgage (loan) to be paid off after 360 payments. If an represents the amount owed after n months, what are a0 and a360? Experiment by building numerical solutions to find a value of p that works.
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Related Book For
A First Course In Mathematical Modeling
ISBN: 9781285050904
5th Edition
Authors: Frank R. Giordano, William P. Fox, Steven B. Horton
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