Question: 23. Find a recurrence relation for the balance B(k) owed at the end of k months on a loan of $5000 at a rate of

23. Find a recurrence relation for the balance B(k) owed at

23. Find a recurrence relation for the balance B(k) owed at the end of k months on a loan of $5000 at a rate of 7% if a payment of $100 is made each month. [Hint: Ex press B(k) in terms of B(k -1); the monthly interest is (0.07/12) B(k -1).]

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