Objective This project will be done in groups. Each group should fully answer the questions posed in this project and submit responses in a neatly typed and formatted report Project. Discover offers a home equity line of credit that lowers the total of the monthly payments on several hypothetical loans by $366.12. (See the following table.)v The home equity loan payment is based on 10.49% APR annualized over a 10-year term." This means the loan is amortized at 10.49% with monthly payments. 1. Using this interest rate and monthly payments for the 10 years, how much money will still 2. 3. 4, be owed at the end of the 10 years?* How much is paid during the 10 years?* How much would the payment have to be to have the debt paid in the 10 years?* How long would it take to pay off the debts under the original plan if interest were 15% on each loan? Current Monthly v Payment Example Discover Home Equih Monthly . Amount PaymentAmount Loan Type* Monthly, Loan Loan Payment Bank cards* Auto loan Department store cards. Discover home equity line of credit Total $10,000* $12,500* $2,500- $186.00 PAID OFF S320.03PAID OFF NONE- NONE- $78.63- PAID OFF NONE- S25,000* S25,000* $218.54. $218.54- $25,000* $584.66