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Goal To use recursive sequence to determine the amount money owed on a loan alter months Role You are a loan officer at a mortgage company. Audience Jim and Joan Miller are custor s applying for a mortgage. Situation Jim an Joan Miller are borrowing $120000 at 6.5% per annum compounded monthly lor 30 years to purchase a home. Their monthly payment is determined to be $758.48. Performance Task You need to present Jim and Joan with a report detailing the following: A recursive lormula for their balance after each monthly payment has been made. A determination of Jim and Joan's balance after the first payment. Use a spreadsheet or graphing utility to create a table showing their balance after each monthly payment. Determine when the balance Will be below 875.000. Determine when the balance will be paid off. Determine the interest expense when the loan Standards for Success You will torm an accurate recursive formula. You will accurately determine the balance after the first payment. You will accurately and completely construct a chart showing balances alter each monthly payment. You will accurately determine when the balance Will be below 875.000 and when it will be paid off. You will accurately determine the total interest expense incurred