Use recursive sequence to determine the amount money owed on a loan after months,

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.

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.
• Showing their balance after each monthly payment, use a spreadsheet or graphing utility table.
• 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.