Module 9 Assignment (, Josephine _ ( ) Pre-Calculus B (Harrisburg) Sec 2 22-23 / Module 9: Sequences and Series Q % D C?) ACEVES 3% WV Target due: 3/23/23 Q) [II To use recursive sequence to determine the amount money owed on a loan after months Role You are a loan officer 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: A recursive formula 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 $75,000. Determine when the balance will be paid off. Determine the interest expense when the loan is paid. Standards for Success You will form an accurate recursive formula. You will accurately determine the balance after the first payment. You will accurately and completely construct a chart showing balances after each monthly payment. You will accurately determine when the balance will be below $75,000 and when it will be paid off. You will accurately determine the total interest expense incurred. Please upload your completed assignmen ere. Be sure you have included your name at the top of your document and as part of the file name. Be sure to review the rubric to see how you will be graded