8) Jacob borrows $20,000 on October 31, 2020 at 7% interest. He plans to repay the loan with 8 level annual payments with the first payment on October 31, 2021. a) Find Jacob's annual payment. b) Find the amount of interest Jacob pays on the loan. c) Using the same principle sum loaned and interest rate, give two ways Jacob can reduce the amount of interest that he pays. [5 points]