Question 1 (5 points) A fast-cash outlet offers customers paycheck loans. They charge a minimum $20 fee at the time of the loan, which is added to the loan balance. The bank charges 2% per month on the unpaid balance. A $500 loan has a minimum monthly payment of $20. If only the minimum payments are made, how long will it take to pay off the loan, and how much interest will be paid? Question 2 (5 points) Cranston Snord is a recent engineering graduate that has been offered a 6-year contract. He has two choices: a) fixed salary of $90,000 per year b) starting salary of $77,000 per year with annual raises of 6% per year, starting in the second year. Assuming an interest rate of 10%, which option is better (and by how much?) To simplify, assume salary comes in a single end-of-year paycheck