SECTION C: THINKING AND INVESTIGATION (. ........../12 POINTS) 2. Selma needs to repay a $ 18000 personal loan. Her bank offers personal loans with terms from one to five years at 8.4% per year, compounded monthly. a) Determine the monthly payment for a four-year term. Use formula and show your work. (4 points) b) Calculate the total interest paid on the loan if she makes monthly payment. (2 points) TVM Advanced Calculator c) Determine Selma's payment if she chooses to Mode End @ Beginning make bi-weekly payments. Use may use TVM Present Value PV Advanced Calculator (3 points Payments PUT Future Value FV Annual Rate () Periods d) Calculate the total interest paid on the loan if Selma makes bi-weekly payment. (2 points) e) Explain why changing the payment frequency reduces the total interest paid on the loan. (1 point) Page 2 of 4