Answer: Exercises 23 and 24 refer to a difference equation
Chapter 4, Problem 23E(choose chapter or problem)
Exercises 23 and 24 refer to a difference equation of the formyk + 1 - ayk = b,for suitable constants a and b.A loan of $10,000 has an interest rate of 1% per month and a monthly payment of $450. The loan is made at month k = 0, and the first payment is made one month later, at k = 1. For be the unpaid balance of the loan just after the kth monthly payment. Thus a. Write a difference equation satisfied by b. [M] Create a table showing k and the balance yk at month k. List the program or the keystrokes you used to create the table.c. [M] What will k be when the last payment is made? How much will the last payment be? How much money did the borrower pay in total?
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