1. Thomas is taking out a business loan of $20,000 over 5 years. He is given an APR of 6.12%. He would like his monthly payments to not exceed $350 a month. Looking at the first few rows of the amortization table below, will his monthly payment be below $350? How much over/under will his actual payments be from his goal of $350 per month? Business Loan Amortization Schedule Date Interest Principal Balance Nov, 2019 $102 $286 $19,714 Dec, 2019 $101 $287 $19.427 2019 $203 $573 $19,427 Jan, 2020 $99 $289 $19,138 OYes, his total monthly payments are $147 below $350 OYes, his total monthly payments are $48 below $350 O No, his total monthly payments are $223 above $350 ONo, his total monthly payments are $38 above $350 2. Many medical offices offer financing on medical procedures through companies like CareCredit M. Their website claims that "Purchases of $1,000 or more may be eligible for a 24 months offer with a 14.90% APR, a 36 months offer with a 15.90% APR or a 48 months offer with a 16.90% APR.". Assume that an individual wanted to put $2000 on CareCredit, and wants the plan with the lowest monthly payment. Which would you recommend? (hint: you do not have to do any math to solve this problem) O36 months with 15.90% APR 060 months with 17.90% APR 048 months with 16.90% APR O24 months with 14.90% APR