A loan of $$60,000$ is due $10$ years from today. The borrower wants to make annual payments at the end of each year into a "sinking" fund that will earn compound interest at an annual rate of $10$ percent. The "sinking" fund with interest earnings will be used to repay the loan at maturity.

What would annual payments have to be in order to accumulate $$60,000$ at the end of $10$ years to repay the loan? $(5$ points$)$

Suppose that instead of annual payments, the borrower can make monthly payments that will earn $10\%$ interest compounded monthly. What would the monthly payments have to be to accumulate the $$60,000?(5$ points$)$

Compare the total of all $10$ annual payments in $(1)$ with the total of all $120$ monthly payments in $(2).$ Which one would require the lower total cash outflow? $(6$ points$)$