7. Mario wants to pay off his loan in just 5 years. Reminder: His loans total $8,500 when he graduates from college; the interest rate is APR = 7%, he will be making monthly payments.

a. Calculate the monthly payment:

Write the formula used (must be from the Financial Management Unit Formula Sheet), and show the values substituted into the formula. Calculate the result. Round your answer to the nearest cent. To earn credit, you must show your work.

B. What percent of the total amount paid is made up of interest? Round your answer to the nearest whole percent. To earn credit, you must show your work.