2. In November, Holly borrowed $1200 at 11.2%, compounded monthly, to buy gifs for her family. Holly arranged to pay off the loan in 6 months, with a single payment a) What amount did Holly need to pay back? b) What amount of interest did Holly pay? 3. Matt is laying new floors in three rooms of his house and needs a loan that he will not have to pay back for 18 months. The interest rate for the loan is 4.9%, compounded quarterly. On the maturity date, Matt wants to make a single payment of no more than $12 000. a) What is the most that Matt can borrow? b) How much interest will Matt pay on his loan