Sunday

March 29, 2015

March 29, 2015

Posted by **Leticia** on Monday, December 10, 2012 at 12:10am.

Find a recursive formula for their balance after each monthly payment has been made.

Determine Bill and Laura's balance after the first payment.

- Math -
**Henry**, Wednesday, December 12, 2012 at 9:49pmr = (6%/12)/100% = 0.005 = Monthly % rate expressed as a decimal.

I = 0.005 * 150000 = $750.00 = Int. for

1st month.

---Payments---Interest.-Prin.--Bal.

1. $899.33----750.00---149.33-149850.67

2. $899.33----749.25---150.08-149700.59

3. $899.33----748.50---150.83-149549.77

NOTE: The int. is always 0.005 times the

unpaid Bal.

**Answer this Question**

**Related Questions**

Math - If you finance $50,000 of the purchase of your new home at 4.40% ...

math - clarence has $20, 000 in the bank. He wants to create an investment to ...

Math - The outstanding balance on Bill's credit card account is 3690 dollars. ...

algebra - 50,000 is the amount of a loan needed to purchase a restaurant ...

math - A couple purchasing a home budget $1700 per month for their loan payment...

math plz help me - A couple purchasing a home budget $1700 per month for their ...

MATHHH - Mike wants to buy a snowmobile. His parents decide to lend him $9 000 ...

Math - Richard borrowed 180000 dollars from his bank to help finance the ...

Math - 4. Find the monthly payment for the loan. (Round your answer to the ...

calculus - the monthly payment that amortizes a loan of A dollars in t yr when ...