Required information Complete the calculations for each scenario below. Mary, a college student needs to borrow $8,000 today for her tuition. She agrees pay back the loan in a lump-sum payment upon graduating, 4 years from today. The lender agrees to lending at a fixed 3.85% interest rate during the loan period. What is the total cost of Mary's student loan? (Round your answer to 2 decimal places.) Total cost of Mary's student loan 1. John's goal in life is to be a millionaire. He has $6,980 in a saving account and figure he is likely to earn an 18% rate of return every year. How many years does it take for John to have his first $1,000,000? (Round your answer up to the nearest whole number.) 2. If John consistently makes $1200 deposit into his saving account every year, how many years would it take for John to have his first $1,000,000? (Round your answer up to the nearest whole number.) years 1. Years until John has his first $1 million (with no deposit) 2. Years until John has his first $1 million with $1.200 deposited annually) years