Were studying geometric sequences in maths and this came up as one of the questions:
A mortgage is taken out for 150000 and is repaid annually with 20000 installments.
Interest is charged on the outstanding debt at 10%, calculated annually.
If the first repayment us made one year after the mortgage is taken out, find the number of years it takes for the mortgage to be repaid.
When i looked up the solutions online to this, they didn't use a geometric series formula to solve they just did it manually and they eventually got to an answer of 15 years. My maths teacher told us to first find the Tn formula (ar the power of n-1) and then try and use that to form the series formula . I don't know how to write out the series formula here so can anyone help me ?
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