Suppose you take out a home mortgage for $180,000 at a monthly interest rate of 0.5%. If
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Suppose you take out a home mortgage for $180,000 at a monthly interest rate of 0.5%. If you make payments of $1000/month, after how many months will the loan balance be zero? Estimate the answer by graphing the sequence of loan balances and then obtain an exact answer using infinite series.
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B 1005 B1 It appears that the loan is paid off after about 470 months Let Bn be the loan b...View the full answer
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Related Book For 
Calculus Early Transcendentals
ISBN: 978-0321947345
2nd edition
Authors: William L. Briggs, Lyle Cochran, Bernard Gillett
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