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Assignment 5(25 points)Assignment 5: Credit and LoansInstructionsSave this file in your course folder, and name it with Assignment, the section number, and your first initial and last name. For example, Jessie Robinson's assignment for Section 1 would be named Assignment1JRobinson.Type the answers to the assignment questions below. Use complete sentences unless the question says otherwise. You will have more than one day to complete an assignment. At the end of each day, be sure to save your progress.Review Lesson 4 of the Course Overview for instructions about turning in your assignments.Assignment Questions1. If you are borrowing money and paying interest, would you prefer an interest rate that compounds annually, quarterly, or daily? Why? (2-4 sentences. 1.0 points) I would prefer and interest rate to compound annually. 2. In your Section_5 folder, navigate to and open the Example_Credit_Report,and then answer the questions belowa. What is the total balance of Jessie Robinson's real estate account? (0.5 points) $19,100b. What is the total balance of Jessie Robinson's revolving account? (0.5 points) $500c. Has Jessie Robinson ever applied for bankruptcy? (0.5 points) No.d. How many creditors have made inquiries about Jessie Robinson's credit? (0.5 points) 3e. Do you think Jessie Robinson usually pays bills on time and in full? (1-2 sentences. 1.0 points) He pays it on time, but he pays the minimum amountf. Do you think Jessie Robinson's credit score would be great, normal, or poor? Why? (1-3 sentences. 1.0 points) I think his credit score would be great