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Mathematics 18 Online
OpenStudy (anonymous):

HELP PLEASE! FAN AND MEDAL! Jim and Joan Miller are borrowing $150,000 at 6.5% per annunal compounded monthly for 30 years to purchase a home. Their monthly payment is determined to be $758.48. Find a recursive formula for their balance after each monthly payment has been made. Determination of Jim and Joan’s balance after the first payment.

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