During the course of your education, you have borrowed $65,000 in student loans. You plan to make monthly payments in order to repay the debt. The interest rate is fixed at 6.8% APR (compounding is monthly).

a. If the loan is for 10 years, find the monthly payment.

b. Right after your 38^th payment, you get a huge bonus and decide to pay off the loan. Find the present value of the remaining payments.