Question Solved1 Answer Your parents are considering a 30-year, $200,000 mortgage that charges 0.5% interest each month. Formulate a model in terms of a monthly payment p that allows the mortgage (loan) to be paid off after 360 payments. Hint: If an represents the amount owed after n months, what are a0 and a360?

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Your parents are considering a 30-year, $200,000 mortgage that charges 0.5% interest each month. Formulate a model in terms of a monthly payment p that allows the mortgage (loan) to be paid off after 360 payments. Hint: If an represents the amount owed after n months, what are a0 and a360?

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Consider the charges 0.5% interest each month on 30 -year $200,000 mortgage and p is the monthly payment.Let a_(n) be the amount owed after n months.The change in the amount owed each period increases by the amount of interest and decreases by the amount of paymentThe objective is to formulate a dynamical system that models change exactly for the described situation on loan paid after 360 payments.Interest rate is,{:[0.5%=(0.5)/(100)],[=0.005]:}Change or interest growth in each month is represented by the n^("th ") difference as,{:[Deltaa_(n)=a_(n+1)-a_(n)],[Deltaa_(n)=0.0 ... See the full answer