In 2013, students graduating with a four-year degree from the East Carolina University owed an average of $28,312 in student loan debt (source: projectonstudetndebt.org).Suppose that you have student loans totaling $28,312 when you graduate from college.The interest rate is 11.99% and the loan term is 10 years.

a.Find the monthly payment.

Formula usedSolve the problem

Monthly Payment: $___________.______

b.Determine the total payment over the life of the loan.

Formula usedSolve the problem

$___________.______

c.Determine the total amount of interest paid over the life of the loan.

Formula used Solve the problem

$___________.______