Use this information for problems 1 and 2. You are taking out a student loan to pay for college. The loan charges a 2.85% interest rate, compounded monthly. 1. If you want to pay the loan off by paying $150 each month, for 10 years, how much can you afford to borrow? 2. If you borrow $45,000, how much will you need to pay back each month to pay the loan back in 10 years? Use this information for problems 3 and 4. You borrow $35,000 for a home repair. You can afford to pay back $300 a month. 3. If you borrow the money directly from a bank, you have a 6.25% interest rate. How long will it take you to pay off the loan? 4. If you borrow the money using a credit card, you will have a 17.35% interest rate. How long will it take you to pay off the loan? Use this information for problems 5 and 6. You are looking to buy a house with a 30-year mortgage. The interest rate is 2.85%. 5. What will your monthly payments be if you buy a $250,000 house? How much will you end up paying total for the house? 6. What will your monthly payments be if you buy a $350,000 house? How much will you end up paying total for the house? How much more did you end up paying for the $350,000 house? 7. In each case, identify the formula (simple interest, compound interest, annuity, payout an nuity/loan) you would use to solve the problem. Explain why you chose that formula. You do not need to solve the problem. You will not receive full credit if you do not explain why you chose the formula. a. llan wants to save up money for a vacation in Eu rope. They want to be able to withdraw $2000 each month for 3 months. If their investment account pays 8% interest, how much will they need to have saved up at the beginning of the trip