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  • 5 years ago

A debt of $10,000 is to be amortized by equal payments of $400 at the end of each month, plus a final payment after the last $400 payment is made. If the interest is at the rate of 1% compounded monthly (the same as an annual rate of 12% compounded monthly), i. Write a discrete dynamical system that models the situation. ii. Construct a table showing the amortization schedule for the required payments. iii. Find a solution for the system.

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  1. anonymous
    • 5 years ago
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    would it be \[A _{n}=10,000(1+ r)^{n-1}-400\]

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