Goal To use recursive sequence to determine the amount money owed on a loan after months Role You are a loan ofcer at a mortgage company. Audience Jim and Joan Miller are customers applying for a mortgage. Situation Jim and Joan Miller are borrowing $120,000 at 6.5% per annum compounded monthly for 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: o A recursive formula for their balance after each monthly payment has been made. 0 A determination of Jim and Joan's balance after the rst payment. 0 Use a spreadsheet or graphing utility to create a table showing their balance after each monthly payment. 0 Determine when the balance will be below $75,000. 0 Determine when the balance will be paid off. 0 Determine the interest expense when the loan is paid