1. As a beginning freshman (Fall 2018), Jane expects to borrow $10,000 per year in unsubsidized student loans. Assume all loans occur on August 1 of each of her four years in college. Interest accrues at the rate of 4.5% from the time her loan is received, but Jane does not pay interest while in school. This interest rate applies throughout the term of Jane's student loan debt. Jane must begin repaying her loans on August 1, 2022. Assume her repayment term is 10 years. a. What is the balance on Jane's loan at the time she begins repayment? b. What is Jane's monthly payment? c. If Jane wishes to pay off her loan in 5 years, what should she pay each month? 2. Horace has a credit card with a balance of $12,000. The annual interest rate is 18%. The terms of the credit state that a minimum payment of 3% of the outstanding balance must be paid each month, but no less than $35.00 must be paid each month. Horace plans to stop using the credit card and pay off the balance according to the terms of the credit. a. How many years will it take to pay off the balance, assuming Horace only pays the minimum required payment? b. How long will it take to pay off the balance if Horace pays an extra $50,00 per month? c. How much in addition to the required minimum payments must Horace pay each month if he wishes to pay off the balance in 5 years