# Pre-Calculus: Phil bought a car by taking out a loan for $18,500 at .5% interest...?

Answers:0 | LastUpdateAt:2012-09-05 13:30:03

**Q**uestion- !!!!Need help!!!!
- Asked at 2012-09-05 13:30:03

Phil bought a car for taking a $ 18,500 loan at 0.5% interest per month . Phil Average monthly payment is $ 434.47 per month , but he decides he can afford to pay $ 100 extra to the balance each month . His balance each month is given by the recursively defined sequence : MedlinePlus
Bo = $ 18,500, Bn = 1.005B ( n -1) -534.47 MedlinePlus
a) What is the phil balance after the first payment , ie determining B1 . MedlinePlus
b ) using a calculator , determine when your balance is less than 100,000. How many payments of $ 534.47 has been done? MedlinePlus
c ) determine when it will pay the balance . What is the toal of all payments ? MedlinePlus
d ) what is your interest expense ?

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Question:**Pre-Calculus: Phil bought a car by taking out a loan for $18,500 at .5% interest...?**