On May 13, 2022, a college graduate takes an interest-only loan of $ 80,000 at an annual interest rate of 7%. The first payment is scheduled for June 13, 2022. On June 13, 2022, instead of making the regular-size payment, he pays $ 1,500. Each month after that he makes the regular payment

a) What is the size of the payment made on August 13, 2022?

b) When will the loan be paid off?