What is the maximum amount you can barrow

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Suppose you borrow x0 dollars from a bank at 2 per cent per month interest, and that you pay your bank 40 dollars per month. Derive the difference equation that models your debt to the bank at the end of each month.

If your original debt is 580 dollars, how long will it take you to pay the loan?

If your original debt is 3600 dollars, how long will it take you to pay the loan?

What is the maximum amount you can barrow?

Reference no: EM131850366

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