Tarzan and Jane borrow $B to buy a jungle condomium at an interest rate of 9.6% pa, compounded monthly. They borrow the money on 15th September, and on the 14th day of every subsequent month, they pay an instalement of $M. Let An be the amount owing after n months have passed

Explain why A1 = 1.008 x B - M and why A(n-1) = 1.008An - M for n >= 2

Thanks for any help