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April 19, 2014

Homework Help: Math

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.

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