Concept explainers
Let
a. Use the fact that
b. Use equation (1) and the results that
from part (a) to derive the formula
c. State in your own words the formula obtained in part (b).
d. Suppose that, for the 10th monthly payment on a loan at 1% interest per month, $100 was applied to the principal. How much of the 11th and 12th payments will be applied to the principal?
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Finite Mathematics & Its Applications (12th Edition)
- Algebra & Trigonometry with Analytic GeometryAlgebraISBN:9781133382119Author:SwokowskiPublisher:Cengage