Business, 06.05.2020 02:14, gchippewa81

Suppose someone takes out a home improvement loan for $30,000. The annual interest on the loan is 6% and is compounded monthly. The monthly payment is $600. Let an denote the amount owed at the end of the nth month. The payments start in the first month and are due the last day of every month.

Give a recurrence relation for an. Don't forget the basis (also called the initial conditions).

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Suppose someone takes out a home improvement loan for $30,000. The annual interest on the loan is 6%...