1. Katrina wants to buy a mountain bike for $2500.00 including taxes. She can afford payments of $200 a month. She has two choices for financing. - She can use her bank credit card, which has an interest rate of 13%, compounded daily. and no outstanding balance. It gives her a 2% rebate off her first purchase - She can get a bank loan at 10% compounded monthily a) How long will it take for Katrina pay off her balance for each option. Set up the TVM b) How much interest will she pay for each option? c) How much will she pay in total for each option? d) Which option should she chose