10 pts TVM. Interest Effect of payment frequency on total payment You need to borrow $100,000 for a business expansion project. His bank agrees to lend him the money over a 7-year term at an APR of 8% and will accept either annual, quarterly, or monthly payments with no change in the quoted APR. Calculate the periodic payment under each alternative and compare the total amount paid each year under each option. What is the most advantageous option? Annual FV RATE PMT Total Annual Payment Quarterly FV RATE PMT PMT x 4 = Total Annual Payment Monthly FV RATE PMT PMT x 12 Total Annual Payment