Suppose you want to buy a new car and finance itby borrowing $7,000. The 12-month loan
Chapter 1, Problem 22(choose chapter or problem)
Suppose you want to buy a new car and finance itby borrowing $7,000. The 12-month loan has anannual interest rate of 13.25%.a. Write a recursive formula that provides thedeclining balances of the loan for a monthlypayment of $200.b. Write out the first five terms of this sequence.c. What is the unpaid balance after 12 months?d. Make the necessary adjustments to the monthlypayment so that the loan can be paid off in 12equal payments. What monthly payment isneeded?
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