Solution Found!
Find a recurrence relation for the balance B(k) owed at
Chapter 1, Problem 23E(choose chapter or problem)
QUESTION:
Problem 23E
Find a recurrence relation for the balance B(k) owed at the end of k months on a loan of $5000 at a rate of7%if a payment of $100 is made each month. [Hint: Express B(k) in terms of B(k – 1); the monthly interest is (0.07/12)B(k – 1).]
Questions & Answers
QUESTION:
Problem 23E
Find a recurrence relation for the balance B(k) owed at the end of k months on a loan of $5000 at a rate of7%if a payment of $100 is made each month. [Hint: Express B(k) in terms of B(k – 1); the monthly interest is (0.07/12)B(k – 1).]
ANSWER:
SOLUTION
Step 1
In this problem we are asked to find a recurrence relation for the balance owed at the end of k months on a loan of $5000 at a rate of7%if a payment of $100 is made each month.