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anonymous
 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.
anonymous
 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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anonymous
 5 years ago
Best ResponseYou've already chosen the best response.0\[A _{n}=A _{n1}(1.01)400\]

anonymous
 5 years ago
Best ResponseYou've already chosen the best response.0or \[A _{n}=10000(1.01)^{n1}400\]

anonymous
 5 years ago
Best ResponseYou've already chosen the best response.0\[A _{n}=A _{n1}(1.01)400\]

anonymous
 5 years ago
Best ResponseYou've already chosen the best response.0so my last equation was right?

anonymous
 5 years ago
Best ResponseYou've already chosen the best response.0Here is how I would solve PPrinciple DMonthly Payment R(Monthly interest rate) 1st Month  P(1+R)D 2nd Month  [P(1+R)D][(1+R)]D =\[P(1+R)^2  D(1+R)D=P(1+R)^2  D(1+(1+R))\] 3rd Month \[P(1+R)3−D(1+(1+R)+(1+R)^2)\] Nth Month  \[P(1+R)N−D(1+(1+R)+(1+R)^2+.....+(1+R)^{N1})\] \[(1+(1+R)+(1+R)^2+.....+(1+R)^{N1})\] is a gemotric series Formula For Sum of Geomtric Series \[\sum_{0}^{N}v^n={( 1v^{n+1})} /(1v)\] our equation is : \[P(1+R)^ND\left(\frac{1(1+R)^N}{R}\right)\] Simplified to \[\frac{D \left(1(R+1)^N\right)}{R}+P (R+1)^N\] For this particular problem: \[\frac{400\left(1(1.01)^N\right)}{.01}+10000(1.01)^N=0\] N=28.91 Month

anonymous
 5 years ago
Best ResponseYou've already chosen the best response.0I don't think my uni has any 1 credit hour class
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