This answer must be completed in R programming language

#Set number of time steps and initialize variable max.step=120 x=numeric(max.step) #creates an array with max.step entries

#Set parameter for compound interest problem r=0.05 #interest rate

#Set intial condition x[1]=1000 for (t in 1:(max.step-1) ) { x[t+1]=x[t]*(1+r/12) }

#Generate plot of solution months=1:max.step #create array of months plot(months,x,type="l") #plot solution (type="l" makes a line plot)

Problem 1: Modify the program discrete.R to compute the balance of a loan over a 5 year (60 months). Assume that interest is compounded monthly and payments are monthly. Problem 2: Use the code you just created to compute the payment required to pay off a $30,000 loan with 6% interest in 5 years. This process will require trial and error. Your payment only needs to be accurate to nearest whole dollar amount. You can use trial and error. Problem 1: Modify the program discrete.R to compute the balance of a loan over a 5 year (60 months). Assume that interest is compounded monthly and payments are monthly. Problem 2: Use the code you just created to compute the payment required to pay off a $30,000 loan with 6% interest in 5 years. This process will require trial and error. Your payment only needs to be accurate to nearest whole dollar amount. You can use trial and error