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

bill and laura borrowed $15 000 at 6 per annum compounded monthly for 30 years to purchase a home. Their monthly payment is determined to be $899.63.

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

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

## 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. ...
- Finance - Rob and laura wish to buy a new home. The price is $187,500 and they ...
- algebra - 50,000 is the amount of a loan needed to purchase a restaurant ...
- Math - A mortgage of 200 000 is required to purchase a house. The mortgage will ...
- 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 ...
- Finance - Loans problem please help - A company borrows $170000, which will be ...
- MATH - Mike wants to buy a snowmobile. His parents decide to lend him $9 000 at ...

More Related Questions