Suppose you want to take out a loan for a $40,000 car and have to choose...

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Suppose you want to take out a loan for a $40,000 car and have to choose between three loan providers. Company A offer's you the loan at 6% APR compounded monthly and with a required 5% payment at the end of each month. Company B offer's you the loan at the same annual percentage rate as Company A compounded quarterly and with a 3% payment at the end of each quarter (3 months). Company C offer's you the loan at 12% APR compounded annually with a required payment of $3,600 at the end of each year. (Note: To find the payment amount take the percentage of the required payment and multiply it with yo) a. Write out the explicit yn and recursive n+1 equations for each loan provider. Where yn represents the amount of money owed to each company. Make sure to state all parameters (a, b, k, yo) for each company. Suppose you want to take out a loan for a $40,000 car and have to choose between three loan providers. Company A offer's you the loan at 6% APR compounded monthly and with a required 5% payment at the end of each month. Company B offer's you the loan at the same annual percentage rate as Company A compounded quarterly and with a 3% payment at the end of each quarter (3 months). Company C offer's you the loan at 12% APR compounded annually with a required payment of $3,600 at the end of each year. (Note: To find the payment amount take the percentage of the required payment and multiply it with yo) a. Write out the explicit yn and recursive n+1 equations for each loan provider. Where yn represents the amount of money owed to each company. Make sure to state all parameters (a, b, k, yo) for each company.

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Company A Explicit Equation yn 400001 00612n 00540000n Recursive Equation yn1 yn1 00... View the full answer