On problem set 1, problem 2, he gives this equation to compute what payments are necessary to pay off debt in a year:
"Monthly interest rate = Annual interest rate / 12.0
Updated balance each month = Previous balance * (1 + Monthly interest rate) – Minimum monthly payment"
Why does he have "(1 + Monthly interest rate)" and what is the "1" supposed to be/do?

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it is a different way of expressing:
previous balance + (previous balance * Monthly interest rate)

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