Ononot — A bank offers a loan with a monthly interest rate of 1\%. If

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Real-World Applicationshard

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A bank offers a loan with a monthly interest rate of $1\%$ . If you borrow $\$ 10,000 $and pay it back in$ n $monthly installments of$ $P $, the remaining balance$ B_n $follows$ B_{n+1} = 1.01 B_n - P $. If you pay off the loan in 12 months, what is the expression for$ P$?