You have graduated from college but unfortunately have $$32,000$ in outstanding loans. The loans require payments of $$3,245$ per year, which covers interest and principal repayment $($that is$,$ the loan has the same basic features as a mortgage$).$ If the interest rate is $4$ percent, how long will it take you to repay the debt?

If the powers that be raise the rate to $6$ percent, how many additional years will be required to retire the loans?