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hi, i need some help with this question. Thanks. 05 no esc Paper...

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Accounting

hi, i need some help with this question. Thanks. image

05 no esc Paper 2: Complex familiar and complex unfamiliar 1 After three years, Karen's loan account balance is $17605.74. This is $1066.76 more than it was a year earlier (a) If the interest is compounded annually, write a recurrence relation to model Karen's loan. (b) If Karen pays off this loan plus added interest at the end of the fourth year, how much will she have to pay? 2 To pay for an overseas holiday, Eliza takes out a short-term personal loan of $12500, with interest charged at 19.7% p.a. compounding daily. The full amount is to be naid when she returns

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