$7.$ Chloe borrowed money from the bank to renovate he home. She will repay the loan by making payments of $$64\mathrm{.}17$ at $12\mathrm{.}5\%$ per year compounded monthly for $3$ years.

a$)$ How much would it cost Chloe to pay off the loan after $1$ year? $[/3]$

b$)$ How much interest does Chloe save by paying off the loan early? $[/5]$