Rashid has several debts. He owes approximately $15 000 on a student loan,
approximately $4000 on each of his three credit cards, and $7500 to his uncle.
Rashid is approaching his bank for a consolidation loan.

a) Calculate Rashid's monthly payment on an eight-year loan at 8.95% per year,
compounded monthly.

b) Determine the total amount paid on the loan.

c) How much interest will Rashid have to pay to eliminate his debt?

d) How much could Rashid save by choosing a six-year loan?

e) Determine the monthly payment on a ten-year loan.

f) Give one advantage and one disadvantage of Rashid choosing a ten-year loan.