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Please include explanations. An engineering student at WITS received NSFAS loan worth RA with an interest rate of r% compounded monthly. She pays a fixed

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An engineering student at WITS received NSFAS loan worth RA with an interest rate of r% compounded monthly. She pays a fixed amount of Rp on a monthly basis. 1. Construct a mathematical model for the amount that the student owes on the loan after n months. 2. Give an explicit formula for computing the value of the loan account after n periods. 3. If the student pays R500 monthly on the NSPAS loan (R5000 at 15% interest rate compounded monthly). What is the value of the student's loan account after 3 months. An engineering student at WITS received NSFAS loan worth RA with an interest rate of r% compounded monthly. She pays a fixed amount of Rp on a monthly basis. 1. Construct a mathematical model for the amount that the student owes on the loan after n months. 2. Give an explicit formula for computing the value of the loan account after n periods. 3. If the student pays R500 monthly on the NSPAS loan (R5000 at 15% interest rate compounded monthly). What is the value of the student's loan account after 3 months

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