Mary enters into a loan agreement to borrow $90,000 to help finance thepurchase of her new home.a.The agreement specifies the term of 20 years with monthly repayment atthe fixed rate of 9% p.a. (compounded monthly). What is her monthly payment?b.Five years has passed. A rival lender offers to refinance Marys loan at thefixed rate of 8% p.a. (compounded monthly). The cost associated with this refinancing is$1,500. Should she refinance?c.Suppose 9 years have passed since Mary enters the original loan. Shesconsidering making an extra payment of $10,000 off her loan. If she plans to keep theterm of the loan the same, how much will her monthly repayment reduce?