6. Malcolm took a trip to Jamaica over Thanksgiving break and rang up a $3500 credit bill. The minimum payment on the bill is $150 at 25% APR. a. Identify the Effective Annual Rate (EAR). b. Identify how long it will take to pay off the $3500 if he only makes the monthly payment. 7. At the age of 65 , Malcolm has saved $1,500,000. He has decided to take monthly payments for the next 20 years from this account, which is averaging 9% annual interest. What is the value of his monthly payment? 8. Create an Amortization schedule-see amortization video. How much student debt will I bear by the time I graduate? What will my student loan payments be? a. My undergraduate student debt is $32,500. I have secured a 4.08% annual rate (EAR) for a 25-year loan, identify the monthly payment. b. What is the total amount of interest paid on this loan? c. In total (interest plus principle) how much did you pay for this $32,500 loan