Elizabeth borrowed $2,000,000 from her mother to buy her own place. Her mother agreed, but will be charging 4% interest per annum, and expects equal quarterly payments. Elizabeth calculated her liquidity based on current salary and expenses and decided she can only set aside $20,000 a month until she is able to fully pay the amount due.

1. If she pays her mother quarterly, how many years will it take for her to fully settle?

2. Elizabeth decided to reassess her spending habits and instead realized she can set aside $30,000 per month to pay her mother. If she increases her quarterly payment accordingly, how many years will it take her to fully pay the loan?