Question

Suppose a $62,000 mortgage is to be amortized at 6.5% interest. Find the amount of interest that would be paid for a 20 year term.

Answer 1

I think I found the sequence to solve:\[u_{n+1}=62,000+u_n*0.065\]I'm working on it!

Answer 2

thank u!

Answer 3

Wrong sequence. Here's the right one:
\[u_{n+1}=(62,000+u_n)*0.065\]Making a simple loop with my calculator gives me $4310.160428 of interest after 20 years. The 6.5% is annual, isn't it?

Answer 4

Here's the TI calculator code if you're interested:
:ClrHome
:0->U
:For(Y,1,20
:(62000+U)*.065->U
:End
:Disp U

Answer 5

the question is wanting a dollar amount