7. Morgan recently graduated college with their degree and owes $11,925 in student loans with an APR of 4.6% compounded monthly. They are expected to pay off the loan in 15 years. Round answers to two decimal places.

A). Under the current terms of their loan, what is Morgans minimum monthly payment?

B). What is the total amount Morgan will pay when the loan is complete?

C). How much will Morgan pay in interest?

8. Morgan decides to pay more than the required minimum monthly amount for their loan to pay off the loan faster. They want to have the loan paid in full after 10 years. Round answers to two decimal places.

A). Assuming all the same conditions of the original student loan, what would Morgans new monthly payment need to be if they wanted to pay off the loan in 10 years?

B). What is the total amount Morgan will pay if they pay off the loan in 10 years?

C). With the 10-year loan, how much will Morgan pay in interest?

Compare the 15-year loan to the plan to pay off the loan in 10 years instead. Answer in complete sentences. Which plan will allow Morgan to pay less per month? How much less? Which plan will allow Morgan to pay less overall? How much less?