Question
The monthly payment on a 30 year $200,000 mortgage at 4.2% interest compounded monthly is $978.03. Let yn be the unpaid balance of the
The monthly payment on a 30 year $200,000 mortgage at 4.2% interest compounded monthly is $978.03. Let yn be the unpaid balance of the mortgage after n months. Solve the difference equation and find what the unpaid balance is after 15 years.
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Finite Mathematics and Its Applications
Authors: Larry J. Goldstein, David I. Schneider, Martha J. Siegel, Steven Hair
12th edition
978-0134768588, 9780134437767, 134768582, 134437764, 978-0134768632
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