QUESTION 26 (Do not round intermediate calculations. Use 1000 separator and round your answer to 2 decimal places, e.g., 1,032.16.) The bank lends you $8,000 at the beginning of each school year over the future four years. The interest rate is 4.25% per year. If you decide to pay off your loans immediately when you graduate, how much will you pay at the graduation? $ The bank is very nice and it allows you a grace period of three years after your graduation to pay off all your loans, charging a gracious interest rate of 2.75% during the grace period. How much will you pay when the grace period ends? st Because you've got an excellent job with a good salary, you are able to pay off the loan in one year after your graduation. With the gracious interest rate, how many dollars will you pay to the bank then? $ You were an outstanding high school student and attracted the attention of an philanthropist who would like to donate a lump sum of money at the beginning of your education to set a scholarship for you. The scholarship provides the same financial support as you get from your planned loan. How many dollars does he have to pay to the bank that will manage the scholarship? $1