12. Suppose that your federal direct student loans plus accumulated interest total $31,811 at the time that you start repayment, and the interest rate is 4.29%. (a) If you elect the standard repayment plan of a fixed amount each month for 10 years, what is your monthly payment? (b) How much will you pay in interest? However, because your accumulated outstanding federal loans total more than $30,000, you can elect to repay over 25 years instead. If you do that: (c) What is your monthly payment? (d) How much in total will you pay in interest?

7. A 10 year loan of 2,000 is repaid with payments the end of each year. There are 2 options: a. Equal annual payments at an annual effective rate of 8.07%; b. Installment of 200 each year plus interest on the outstanding balance at an effective rate of i %. The sum of the payments under each option is the same. What is i?

Please answer 20a and 20b

An account that is established for accumulating funds to meet future obligations or debts is called a [Select] fund.