Consider a loan for $10200 with an annual interest rate of 8.75% compounded monthly and monthly payments equal to $160.

Please note that in this assignment you should round the interest rate to no less than 5 or 6 decimal places. Rounding to less than 5 or 6 decimal places will give incorrect answers. When entering the interest rate in any formulas within your spreadsheet you will get more accurate answers if you (for example) enter 7.25% as 0.0725/12 instead of 0.00604.

State the finite difference model and its initial condition.

y₀ =

(Symbolic) Note: Use ONLY the variable yn. Use numbers in place of all other variables. y_{n + 1} =

Write the formula derived by the Algebraic Method with the numbers appropriate for this problem.

(Symbolic) Note: Use ONLY the variable n. Use numbers in place of all other variables. y_n =

Use a table of generated values in your spreadsheet to find the amount owed after two years of payments.Use the spreadsheet output to answer the following questions. How much is owed after...

...1 month?	$
...6 months?	$
...1 year?	$
...2 years?	$

After what amount of time is the loan paid in full? Round UP to the nearest full month, where the number of months must be a value from 0 to 11. years and months What is the total amount that is paid to the bank over the life of the loan? $ Using Maple, answer the following questions. How much is owed after...

...1 month?	$
...6 months?	$
...1 year?	$
...2 years?	$

What should the monthly payment be in order to pay off the loan in exactly 3 years? $ What is the total paid to the bank in that case