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You borrow $7,000 at the (annual) interest rate r = 3%, compounded monthly. You pay $100 each month. Find a recurrence relation for the balance

You borrow $7,000 at the (annual) interest rate r = 3%, compounded monthly. You pay $100 each month. Find a recurrence relation for the balance B(N) you owe at the end of N months. Express B(N) in terms of B(N-1). The monthly interest rate is r/12.

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