18. You have graduated from college but unfortunately have $32,000 in outstand-ing loans. The loans require monthly payments of $3,245, which covers inter-est and principal repayment (that is, the loan has the same basic features as a mortgage). If the interest rate is 4 percent, how long will it take you to repay the debt? If the powers that be raise the rate to 6 percent, how many additional years will be required to retire the loans?

(ASSUME ANNUAAL PAYMENTS, NOT MONTHLY)