Solve the problem.Suppose that you can afford to pay $450 per month on a mortgage and the yearly interest rate is 9% compounded monthly. The mortgage is to be paid off in 20 years.[(1.09)20 ? 5.60, (1.0075)20 ? 1.16, (1.0075)240 ? 6.01](a) Write the difference equation for yn, the balance on the mortgage after n months.(b) How much can you borrow?
What will be an ideal response?
| (a) | yn = 1.0075yn-1 - 450 |
Mathematics
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