You borrowed today 40,000 from a bank, at an APR of 6%. Suppose you are going to pay this loan in monthly payments. Consider also that you have a grace period of 2 years (which means that you only make the first payment in 2 years) and the last payment will be in 10 years. Each monthly payment is 1% higher than the previous one. Assume that you are required to compensate the Bank with interests from the grace period. What is the value of the first monthly payment? What is the value of the payment that will occur in 5 years?