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Year 12 Maths Standard 2 Annuities

Annuity as a Recurrence

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Question 1
25987

A loan is modelled by the recurrence relation \({V_{n + 1}} = {V_n} \times 1.06 - 1500\), where \({V_0} = 6000\). Find the balance after 3 payments. 

\($2370.70\)

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