1. If you take the first loan, you will be able to pay $100 monthly and save nothing until the loan is repaid. If you take the second loan, you will be depositing your saved $100 monthly on your savings account ( 3% APR compounded monthly) over the year and then will be making the payment using money saved over one year. How much will you be able to pay annually on the second loan? 2. How long will it take to repay the first loan? The second? 3. (Bonus Question) How much money will you have on your savings account in 10 years if you take the first loan (after you repay the loan the money will start accumulating on you savings account)? If you take the second loan? 4. (Bonus Question) What loan should you take? 1. If you take the first loan, you will be able to pay $100 monthly. If you take the second loan, you will depositing your saved $100 monthly on your savings account (3\% APR compounded monthly) over the then will be making the payment. How much will you be able to pay annually on the second loan