5. Zane just graduate from college and is thrilled to explorehis new life and all the excitement that comes with it. Just now,Zane received communication from a company to whom he owes $100,000in student loans. The information in the communication states thatZane agreed on an annual interest rate of 7.99 percent that iscompounded annually. Also, Zane is allowed to make one fixedpayment at the end of each year for the next 10 years. Zane isshocked by this information because it has been 4 years since hesigned that agreement but he is not disheartened because hereceived another email from a company he interviewed with that hehas been hired at an above average starting salary. Zane is aplanner and he pulls up his old financial calculator to figure outhow he is going to be debt free very soon. Although the loan asksfor payment at the end of each year, Zane believes that he shouldnot wait all year long and instead should save every month. Hisexpected salary after taxes is $5,000 per month. He has a savingsaccount at a credit union that is expected to pay 3 percentinterest on savings that is compounded monthly. Bases in this andany subsequent information, answer the following questions: a. Whatis the annual payment that Zane must make in order to fulfil theloan terms? b. In order to save this annual payment, Zane hasdecided to deposit an equal amount of money from his paycheck tohis savings account. What should be the monthly amount for Zane tohave accumulated the annual payment? c. Suppose that Zane wants topay off his debt in 5 years instead of 10. Answer options a. and b.based on a 5 year timeline and assuming all the other informationfrom question 5.