Use this information for problems 1 and 2. You are taking out a student loan to pay for college.The loan charges a 4.25% interest rate, compounded monthly.1. If you want to pay the loan off by paying $300 each month, for 10 years, how much canyou afford to borrow?2. If you borrow $45,000, how much will you need to pay back each month to pay the loanback in 10 years?