Peter is about to enter college for a four-year chemical engineering degree at UNO. He will have to take out loans to fund his education and pay them back altogether after graduation in the first 60 months (5 years) working full time at NASA making a great salary. Half his loans will be subsidized government loans with 4% annual, nominal interest rates and the government pays interest accruals during his four years at UNO; essentially, there is no interest accrued for him during this time. After, when he is full time, the interest accruals will fall on him on a monthly basis. The other half of his loans will be privately done with CapitalOne which has a 6% annual, nominal interest rate; the interest will accrue annually while he is a student (interest during time at UNO will fall principal at start of repayment) and revert to monthly interest accrual when he begins paying them off after graduation. His first-year loan is $20,000. Every year, his costs will increase and the loan amount he will need will increase by 10% each year. He takes his last loan at the start of his fourth year. He gets a full-time job at NASA making a great salary right after when he will have to begin making monthly loan payments to pay back his student loans over five years (60 months). A. What is the balance of his government loans at the time of graduation? What is the balance of the private loans at this time? B. What is his monthly PMT for the government loans? How about for the private loans? C. How much does he pay in total interest over the 60 months (5 years) during repayment? D. What are the EARs of the government loan and the private loan? E. Critical Thinking... Why was it so crucial for the Biden administration to offer student loan forgiveness to Americans? Why is Peter one of the lucky ones compared to many other Americans who take out student loans to pay for college?