Joe is 45 years old and has always managed his credit well, allowing him to maintain a high credit score and receive the best terms on loans. Joe's son Frank is 25 years old and recently married Brenda. Frank would like to go to graduate school and will need to borrow money via a private student loan to do so. Unfortunately, Frank and Brenda both have a few negative items on their credit reports and cannot qualify for any loans at a rate that they can afford. Frank has asked Joe to cosign on a loan. Which of the following statements is(are) true if Joe agrees to cosign the loan? 1. If Frank and Brenda cannot make the payments, Joe will be responsible for making them or his credit score could be negatively impacted. 2. If Joe applies for a loan a few years later, the remaining balance of the loan will show up as a debt that he is responsible for on his credit report. A)1 only. B)2 only. C)Both 1 and 2. D)Neither 1 nor 2.