Task 6: [10 marks] 6) Denzel borrows $18 000 for his entire college tuition. He plans to work part-time during his studies and hopes to pay back the loan in 4 years. The bank offered these loans: Plan A: 5.0% per year, compounded annually Plan B: 3.5% per year, compounded semi-annually a) Write an equation for the amount owing at the end of the first year of each plan. [3 marks] b) Without calculating, which plan do you think is better for Denzel? [1 mark] c) Calculate the amount owing after 4 years for each plan. [3 marks] d) Which loan is better for Denzel? Explain. [2 marks] e) Denzel saved money and after 3 years, he wants to pay off the loan. To do this, the bank will charge a fee of $2000. Should Denzel pay off his loan early? Explain. [3 marks]