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Convert the given description into a recurrence

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Reference no: EM131578320

Question: Solve the recurrence that you derived in Exercise.

Exercise: When someone is paying off a loan with initial amount A and monthly payment M at an interest rate of p percent, the total amount T(n) of the loan after n months is computed by adding p/12 percent to the amount due after n-1 months and then subtracting the monthly payment M. Convert this description into a recurrence for the amount owed after n months.

Reference no: EM131578320

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