Before you start your freshman year at Penn State, you borrow $35,000 from your rich Uncle Tom to buy a car to get you to college and around town. The agreement that you reach is that you do not begin paying it back until 1 year after you graduate. You graduate after 4 years. You pay the loan back for 5 years (at the end of each year). Assume the annual interest rate is 8%. a) Uncle Tom said if you maintain a 3.5 GPA, the loan will not accrue interest until you graduate. What is the equal annual payment to repay the loan? (4 Points) b) What is the equal annual payment if you cannot maintain a 3.5 GPA and the $35,000 gains interest while you go to school? (4 Points) c) Is it worth maintaining the 3.5 GPA and why? (2 points) Please note that this is a 3 answer question. Before you start your freshman year at Penn State, you borrow $35,000 from your rich Uncle Tom to buy a car to get you to college and around town. The agreement that you reach is that you do not begin paying it back until 1 year after you graduate. You graduate after 4 years. You pay the loan back for 5 years (at the end of each year). Assume the annual interest rate is 8%. a) Uncle Tom said if you maintain a 3.5 GPA, the loan will not accrue interest until you graduate. What is the equal annual payment to repay the loan? (4 Points) b) What is the equal annual payment if you cannot maintain a 3.5 GPA and the $35,000 gains interest while you go to school? (4 Points) c) Is it worth maintaining the 3.5 GPA and why? (2 points) Please note that this is a 3