1) You take out a $28,000 loan to purchase a car on January 1, 2022. You are offered two repayment options: i. Bi-weekly payments for 8 years starting at the end of January 2022 at a nominal interest rate of 5.3% compounded bi-weekly. ii. 4 lump sum payments of $5,000 on January 1 of each year starting January 1, 2023 through January 1,2026 and one final payment for the remaining balance on January 1,2027 at an interest rate of 3.9%. a) What is the biweekly payment required for option i? b) What is the final payment amount required on January 1,2027 for option ii to pay off the loan in full? c) Which option would you choose and why