Please note that in this assignment you should round the interest rate to no less than 5 or 6 decimal places. Rounding to less than S or 6 decimal places will give incorrect answers. When entering the interest rate in any formulas within your spreadsheet you will get more accurate answers if you (for example) enter 7.25% as o.0725/12 instead of o.00604 Consider a loan for $11,600 with an annual interest rate of 8.75% compounded monthly and monthly payments equal to $240. (a) State the finite difference model and its initial condition. Yo11600 (Note: For the answer below use ONLY the variable yt. Use numbers in place of all other variables.) t1-240 12 (b) Write the formula derived by solving the finite difference equation, with the numbers appropriate for this problem. Your answer should be a function of t 30 (c) Use the formula found in part (b) to answer the following questions. After what amount of time is the loan paid in full? (Round UP to the nearest full month, where the number of months must be a value from 0 to 11.) years and months What is the total amount that is paid to the bank over the life of the loan? (d) Using Maple, answer the following questions. How much is owed after... ...1 month? 11444.5833 6 months?$ 11603 ..1 year? 11608 ..2 years? $ 11695.6635 X What should the monthly payment be in order to pay off the loan in exactly 3 years? What is the total paid to the bank in that case? Please note that in this assignment you should round the interest rate to no less than 5 or 6 decimal places. Rounding to less than S or 6 decimal places will give incorrect answers. When entering the interest rate in any formulas within your spreadsheet you will get more accurate answers if you (for example) enter 7.25% as o.0725/12 instead of o.00604 Consider a loan for $11,600 with an annual interest rate of 8.75% compounded monthly and monthly payments equal to $240. (a) State the finite difference model and its initial condition. Yo11600 (Note: For the answer below use ONLY the variable yt. Use numbers in place of all other variables.) t1-240 12 (b) Write the formula derived by solving the finite difference equation, with the numbers appropriate for this problem. Your answer should be a function of t 30 (c) Use the formula found in part (b) to answer the following questions. After what amount of time is the loan paid in full? (Round UP to the nearest full month, where the number of months must be a value from 0 to 11.) years and months What is the total amount that is paid to the bank over the life of the loan? (d) Using Maple, answer the following questions. How much is owed after... ...1 month? 11444.5833 6 months?$ 11603 ..1 year? 11608 ..2 years? $ 11695.6635 X What should the monthly payment be in order to pay off the loan in exactly 3 years? What is the total paid to the bank in that case