Answer
See below
Work Step by Step
At the end of the first month, the equation will be $16000(1+0.75\%)$
The loan at the beginning of the second month is $(1+0.75\%)a_1-300=1.0075a_1-300$
The loan at the beginning of the third month is $(1+0.75\%)a_2-300=1.0075a_2-300$
The loan at the beginning of the nth month is $a_n=1.0075a_{n-1}-300$
with $n \geq 2$
