Phil bought a car by taking out a loan for $18,500 at 0.5% interest per month. Phils
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Phil bought a car by taking out a loan for $18,500 at 0.5% interest per month. Phil’s normal monthly payment is $434.47 per month, but he decides that he can afford to pay $100 extra toward the balance each month. His balance each month is given by the recursively defined sequence
B0 = $18,500 Bn = 1.005Bn-1 - 534.47
Determine Phil’s balance after making the first payment. That is, determine B1
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