A few years ago a couple purchased an office space by financing RA for n years,...

Transcribed Image Text:

A few years ago a couple purchased an office space by financing RA for n years, paying periodic installment of Rp with an interest of r% compounded bimonthly (every 2 months). They have made t payments and wish to knowhowmuch they owe on the mortgage at the end of t payments, which they are considering paying off with an inheritance they received. 1. Construct a mathematical model to illustrate the value owed on the loan after t payments. 2. Give an explicit formula for computing the current balance on the loan account after n periods. 3. If the couple signed the contract by financing R80000 for 10 years, paying periodic installments of R1880 with an interest of 18% compounded binmonthly. What is the current value on the mortgage after 6 months? 11:17 A few years ago a couple purchased an office space by financing RA for n years, paying periodic installment of Rp with an interest of r% compounded bimonthly (every 2 months). They have made t payments and wish to knowhowmuch they owe on the mortgage at the end of t payments, which they are considering paying off with an inheritance they received. 1. Construct a mathematical model to illustrate the value owed on the loan after t payments. 2. Give an explicit formula for computing the current balance on the loan account after n periods. 3. If the couple signed the contract by financing R80000 for 10 years, paying periodic installments of R1880 with an interest of 18% compounded binmonthly. What is the current value on the mortgage after 6 months? 11:17

Answer rating: 100% (QA)

1 Mathematical model for value owed after t payments Let A ori... View the full answer