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July 25, 2014

July 25, 2014

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.

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