1. A business borrowed $6,000 for three years at an interest rate of 1.4 percent per month from a bank. The loan agreement calls for the borrower to pay the interest on the loan balance each month and to reduce the loan balance each month by $2,000. a. How much total interest is paid over the life of the loan? b. Please, complete the repayment schedule. (5 marks) Year Principal paid Interest paid Total payment Ending Balan Beginning balance 1 2 3 Total 2.You invested $5,000 invested at 7% for 6 years compounded monthly. How much will you earn in six years? 3You invested 7,000 at 9% simple interest for 3 years. How much will you earn interest? 4. You invested 9,000 at 10% simple interest for 9 months. How much will you earn interest? 5. First United Bank pays 6% simple interest on its savings accounts. Second Federal Bank pays 6% interest compounded annually on its savings accounts. If you invest $25,000 in each bank, a. How much will you have in your accounts after 9 years in each bank? b. How much are their balances different