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14) You have 2 options to pay off a $100,000 loan. Option A is a 15% compounded semi-annually loan with quarterly payments over 15 years

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14) You have 2 options to pay off a $100,000 loan. Option A is a 15% compounded semi-annually loan with quarterly payments over 15 years and Option B is also at 15% compounded semi-annually but would be amortized over 10 years with monthly payments. (7 total-All payments at the end of time period) a. Find the size of the quarterly payments over 15 years (2) b. What is the total that is paid over the 15 years to repay the loan with the quarterly payments (1) c. How much interest in total would they pay over the 15 years? 1) d. Find the size of the monthly payments required over 10 years (2) e. How much interest is saved with the monthly payments over 15 years versus the quarterly payments over 25 years? (1)

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