3. You are planning to attend a two-year full-time program at a community college. You are considering borrowing from a student line of credit to help cover the costs. This line of credit charges you interest only until one year after you graduate, at a rate of prime +1%. It is likely you will need to borrow the yearly maximum of $10000. a) Since you pay interest only on this loan, how much would one month of interest be on a balance of $10000 if prime is 6.15% ? b) If the balance is the same four months later, but prime has changed to 6.9%, how much will the interest payment be that month? c) By the end of two years, you will likely have a balance owing of $20000. You do not need to set up regular payments for another year. You will pay interest only for this year. If prime is 6.25%, how much will one year's interest cost? d) By one year after graduation, you will likely owe - $20000 and can set up a plan to make monthly payments of $496.75 for four years OR $414.20 for five years OR $359.52 for six years OR $320.77 for seven years. Compare the total interest paid for each payment plan to completely pay off the $20000. Use the table below to organize your answer. e) Compare the four-year payment plan with the seven year payment plan. Give a scenario where the four year plan would be better. f) Give a different scenario where the seven-year plan would be better than the four-year plan