Using first three pictures as inspiration, solve the question b in the fourth picture. Show all steps please! Thanks!

Suppose you take out a loan of $1,000,000 from the bank to buy the Seattle home of your dreams. You agree to make monthly payments of $5,000 to pay back what you owe. The bank charges interest, however, at a rate of 5% per year, compounded daily. (This is how most banks charge interest today.) How much money do you owe after 5 years? Solution: Let's set this problem up similar to the previous problem. Let n= number of months since taking out the loan. Let Pn= the amount still owed to the bank after n months. Let 0.05/365, which is the interest rate per day. Let D=5000. Which is our monthlv bavment. What is our difference equation now? does.) If we solve this difference equation, we get Pn=(1+r)365n/12P0M(1(1+r)365n/12)/(1(1+r)365/12). We want to know how much we owe after n=512 months. (Remember: n is measured in months.) Plugging in all our variables, we find P60=$943,885.49 So, of course, the bank collects roughly an extra $500 bucks from you over this time period if they compound daily versus compound monthly. Suppose you borrow $120,000 from a bank to cover your UW tuition. The bank charges a 5% interest rate that will be compounded daily. a. Suppose you pay the bank $1,500 per month. How many years will it take you to pay off your loan? b. What should your monthly payment be if you intend to pay off your loan in 4 years? How much money did you you pay to the bank in addition to the $120,000 you borrowed because of the compounding interest over these 4 years