5. Steve pays $ 75 for an IPhone and borrows the remaining amount. The loan payments are $ 50 per month for 1 year. The interest rate is 18.6% / a compounded monthly. a. What was the selling price of the IPhone [5T marks] b. How much interest will Steve have paid over the term of the loan? [5T] 6. Jessie borrows $ 60 000 for 10 years at 7.5% / a compounded monthly. How much sooner can she pay off the loan if she quadruples the monthly payment after 5 years? [5C]