Charlie Dew purchased a new personal watercraft on October 24, 2020 from the local marina for a cost of $5000. He was sent an invoice with the following terms: 2% discount if paid in full by November 24, 2020, otherwise the full amount is due by February 24, 2021.

1. Suppose Charlie can find a lender who will lend him the money he needs on November 24 at the following simple interest rates: 6% for the first 20 days, 7% for the next 20 days, 8% thereafter. How much money does Charlie have to pay back to the lender on February 24, 2021? How much money does Charlie save by borrowing from this lender?