Single-payment loan repaymentPersonal Finance ProblemA person borrows $190 that he must repay in a lump sum no more than 8 years from now. The interest rate is 8.4% annually compounded. The borrower can repay the loan at the end of any earlier year with no prepayment penalty.

a.What amount will be due if the borrower repays the loan after 1 year?

b.How much would the borrower have to repay after 4 years?

c.What amount is due at the end of the eighth year?