Ivan bought a car by taking out a loan for $18,500 at 0.5% interest per month. Ivans
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Ivan bought a car by taking out a loan for $18,500 at 0.5% interest per month. Ivan’s normal monthly payment is $434.47 per month, but he decides that he can afford to pay $100 extra toward the balance each month. His balance each month is given by the recursively defined sequence
Determine Ivan’s balance after making the first payment. That is, determine B1.
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