Question

You have a mortgage loan of $310,000 with monthly payments. The monthly interest rate is 0.1%....

You have a mortgage loan of $310,000 with monthly payments. The monthly interest rate is 0.1%.
(a) Model the mortgage with a dynamical system, where your payment is ? dollars per
month.

(b) If the payment is $1,800 per month, how much is still due after 120 payments?

(c) What monthly payment ? will have the loan paid out in exactly 25 years?

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