Suppose you have a $200,000 home loan with an annual interest rate of 6.5%, compounded monthly. a.
Question:
a. If you pay $1200 per month, what balance remains after 20 years?
b. If you pay $1400 per month, what balance remains after 20 years?
c. If you pay $1500 per month, what balance remains after 20 years?
d. Make an observation about the answers to 12a-c.
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a 14278422 The recursive formula is Where n 1 Because interest ...View the full answer
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Related Book For 
Discovering Advanced Algebra An Investigative Approach
ISBN: 978-1559539845
1st edition
Authors: Jerald Murdock, Ellen Kamischke, Eric Kamischke
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