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a) Find a recurrence relation for the balance B(k) owed at

Discrete Mathematics and Its Applications | 7th Edition | ISBN: 9780073383095 | Authors: Kenneth Rosen ISBN: 9780073383095 37

Solution for problem 24E Chapter 2.4

Discrete Mathematics and Its Applications | 7th Edition

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Discrete Mathematics and Its Applications | 7th Edition | ISBN: 9780073383095 | Authors: Kenneth Rosen

Discrete Mathematics and Its Applications | 7th Edition

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Problem 24E

Problem 24E

a) Find a recurrence relation for the balance B(k) owed at the end of k months on a loan at a rate of r if a payment P is made on the loan each month. [Hint: Express B(k) in terms of B(k — 1) and note that the monthly interest rate is r/12.]

b) Determine what the monthly payment P should be so that the loan is paid off after T months.

Step-by-Step Solution:

SOLUTION

Step 1

In this problem we are asked to find a recurrence relation for the balance .

Therefore

 

Step 2 of 2

Chapter 2.4, Problem 24E is Solved
Textbook: Discrete Mathematics and Its Applications
Edition: 7
Author: Kenneth Rosen
ISBN: 9780073383095

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a) Find a recurrence relation for the balance B(k) owed at