You borrow $100 K ($100,000) to buy an equipment from a bank to be financed for 15 years. The bank charges nominal interest rate of 12% per year. a) Calculate monthly payments for 15 years if interest compounds once per year. b) Calculate monthly payments for 15 years if interest compounds once per month. c) Calculate monthly payments for 15 years if interest compounds continuously. d) In part (b), if loan payments are $1, 430 per month and after 6 years of payments (at the end of 6^th year) you want to pay off the loan, what is the amount of the payoff? e) What is the total interest you paid at the time of payoff in part (d)