12. Marlene has a student loan of $25 000 at 4.2%, compounded monthly. She plans to repay the loan over the next 5 years. The first payment will be due 1 month from now. a) Determine Marlene's monthly loan payment. b) What interest will she pay over the term of the loan? 13. Monty has a credit card balance of $5200. The credit card company charges 19.5% interest, compounded daily. Monty decides to stop using his credit card and to make monthly payments so he can pay off his debt. a) How long will it take Monty to reduce his current credit card balance to zero if he pays $250 a month? b) If he doubles his monthly payment to $500, how much sooner will his debt be paid off? c) How much interest will he save if his monthly payment is $500 rather than $250