ONLY ANSWER PART A AND PART B, FOR PART A, IT IS JUST QUESTION 4 BEING ANSWERED EXCEPT INSTEAD OF USING MONTHLY COMPOUNDING, USE ANNUAL COMPOUNDING INSTEAD.

Jinhee Ju, 27, just received a promotion at work that increased her annual salary to $37,000. She is eligible to participate in her employer's 401(k) plan, in which the employer matches dollar-for-dollar workers' contributions up to 5 percent of salary. However, Jinhee wants to buy a new $25,000 car in 3 years, and she wants to save enough money to make a $7,000 down payment on the car and finance the balance. Also in her plans is a wedding. Jinhee and her boyfriend, Paul, have set a wedding date 2 years in the future, after he finishes medical school. Paul will have $100,000 of student loans to repay after graduation. But both Jinhee and Paul want to buy a home of their own as soon as possible. This might be possible because at age 30, Jinhee will be eligible to access a $50,000 trust fund left to her as an inheritance by her late grandfather. Her trust fund is invested in 7 percent government bonds. 4. What is Paul's annual payment if he wants to repay his student loans completely within 10 years and he pays a 5 percent interest rate? How much more or less would Paul pay if the loans compounded interest on a monthly basis and Paul also paid the loans on a monthly basis? (a) Only calculate the amount Paul needs to pay each year assuming annual compounding. (b)Although I did not request that you do the monthly compounding calculations in question 4 do you think that Paul would need to pay more or less if he paid the loan on a monthly basis rather than a yearly basis? Why