Question

m 2.4
A debt of $10,000 is to be amortized by equal payments of $400 at the end of each month, plus a final payment after the last $400 payment is made. If the interest is at the rate of 1% compounded monthly (the same as an annual rate of 12% compounded monthly),
i. Write a discrete dynamical system that models the situation

Answer 1

are you look for amortization table?

Answer 2

eventually

Answer 3

ii. Construct a table showing the amortization schedule for the required payments.
iii. Find a solution for the system.

Answer 4

10,000 -p
rate -r

Answer 5

A=P (r(1+r)^n)/(1+r)^n - 1

Answer 6

First month - p
second month - p[1+r] -400
third month - p[1+r][1+r]^2 -400
Fourth month - p[1+r][1+r]^2+[1+r]^3-400

Answer 7

so the solution would be A{n}=10,000(1.01)?????

Answer 8

how would I enter into graphing calculator?