13 14 15 $277.10 $1,564.55 $81,564.63| $1,841.65 $271.88 $1,569.77 $79,994.86 $1,841.65 $266.65 $1,575.00 $1,841.65 $261.40 $1,580.25 $76,839.60 $78,419.86 Total Interest and Principal Paid Required: $10,499.13 +ableau Interest Required 1 $100,000.00 Required 2 Principal Required 3 $2,000.00 Required 4 $1,500.00 Complete this question by entering your answers in the tabs below. $1,000.00 A company has decided to purchase equipment, needing to borrow $100,000 from its local bank to make the purchase. The bank gives the company two options: (a) 60-month installment note with 4% interest or (b) 120-month installment note with 8% interest. Lenders often charge a higher interest rate for longer-term loans to compensate for additional risk of borrowing lending for a longer time period. < Required 1 $500.00 $0.00 Required 5 Required 6 What is the total amount of interest paid over the life of the note for each option? Total amount of interest for option (a) Total amount of interest for option (b) < Prev Required 3 >