> 177 CIST166.008_SPRING 2020 HOME WORK 6 Q3: a) Find a recurrence relation for the balance B(k) owed at the end of k months on a loan at a rate of r if a payment P is made on the loan each month. [Hint: Express B(k) in terms of B(k 1) and note that the monthly interest rate is r/12.) b) Determine what the monthly payment P should be so that the loan is paid off after T months. > 177 CIST166.008_SPRING 2020 HOME WORK 6 Q3: a) Find a recurrence relation for the balance B(k) owed at the end of k months on a loan at a rate of r if a payment P is made on the loan each month. [Hint: Express B(k) in terms of B(k 1) and note that the monthly interest rate is r/12.) b) Determine what the monthly payment P should be so that the loan is paid off after T months