Hi :>
In the first year, A1, the amount will be what you borrowed, $3000, PLUS interest (0.22) MINUS PAYMENT
>>>
A1= 3000(1+0.22)-M
= 3000(1.22)-M
In the second year, A2, the amount will be:
>>>
A2= A1(first year amount) X (1.22) - M
= [3000(1.22)-M](1.22)-M
As you can see here, you...