At age 19, Anita Turner is in the middle of her second year of studies at a community college in Charlotte. She has done well in her course work; majoring in pre-business studies, she currently has a 3.75 grade point average. Anita lives at home and works part-time as a filing clerk for a nearby electronics distributor. Her parents can't afford to pay any of her tuition and college expenses, so she's virtually on her own as far as college goes. Anita plans to transfer to the University of North Carolina next year. (She has already been accepted.) After talking with her counselor, Anita feels she won't be able to hold down a part-time job and still manage to complete her bachelor's degree program at UNC in 2 years. Knowing that on her 22nd birthday she will receive approximately $35,000 from a trust fund left her by her grandmother, Anita has decided to borrow against the trust fund to support herself during the next 2 years. She estimates that she'll need $23,000 to cover tuition, room and board, books and supplies, travel, personal expenditures, and so on during that period. Unable to qualify for any special loan programs, Anita has found two sources of single-payment loans, each requiring a security interest in the trust proceeds as collateral. The terms required by each potential lender are as follows: a. North Carolina State Bank will lend $29,000 at 8 percent discount interest. The loan principal would be due at the end of two years. b. National Bank of Chapel Hill will lend $23,000 under a two-year note. The note would carry a 7 percent simple interest rate and would also be due in a single payment at the end of two years. 1. a. How much would Anita receive in initial loan proceeds under the North Carolina State Bank loan? Round the answer to the nearest dollar. b. How much would Anita be required to repay at maturity under the North Carolina State Bank loan? Round the answer to the nearest dollar. 2. a. Compute the finance charges on the loan offered by North Carolina State Bank. Round the answer to the nearest dollar b. Compute the APR on the loan offered by North Carolina State Bank. Round the answer to 2 decimal places. 3. a. Compute the finance charges on the loan offered by the National Bank of Chapel Hill. Round the answer to the nearest dollar. b. Compute the APR on the loan offered by the National Bank of ChapelHll. Round the answer to 2 decimal places. c. How big a loan payment would be due at the end of two years