A loan of $5,000 is charged a 1% monthly interest rate. An $80 payment is made each month. Write a recurrence relation for the loan balance remaining at the beginning of O O month. Indicate which kind of recurrence relation describes the loan sequence (linear/not-linear, first/second/n-th order, homogeneous or not, constant/no-constant coefficients, divide-and-conquer) Solve the recurrence relation. Consider the geometric progression for the summation with r # 1: a +ar+ar²2² + + ar- = a- ar 1-r How much is left of the loan balance at the beginning of the 19th month?

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