You have a student loan that is $35,000 that begins to accumulate interest in May2017 (when you graduate. hopefully! The interest rate on this loan...

You have a student loan that is $35,000 that begins to accumulate interest in May2017 (when you graduate… hopefully!). The interest rate on this loan is 5.0% per year.a) Show the balance equation for your loan.b) How much do I need to pay PER MONTH in order for the principal on this loanto be CONSTANT, ie. Pay the same amount forever?c) How much do I need to pay PER MONTH in order to pay off the loan by May2032?