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You have the following information regarding a loan. Loan amount is $100,000. The interest rate is 8% on an annual basis. This is a fully amortizing over 20 years. Assume monthly payments 1. What are the monthly payments? 2. What are the total payments over the whole term of the loan? 3. What is the total interest paid over whole term of the loan 4. What is the total principle paid over the whole term of the loan 5. What is the outstanding loan balance owed at the end of the eight years? 6. How much interest was collected over the eight years assuming the loan is paid off then 7. If you pay addition $5,000 toward principle at the end of the 8 years, how many more months will loan exist after the eighth year f you continue to make the scheduled monthly payments 8. If you were to pay off the balance ( after the $5,000 additional payments at the end of the eighth year) over the remaining 12 years, what would that payment need to be to fully amortize the loan over a total of 20 years?