224CHAPIE ly 1, 2005 Smith will borrow 75,000 at He has three amortization options for repayment with rate i(12) =.12. ents starting August 1, 2005. paym (o A standard 25-year loan with monthly payment K i) A "double up" option, with the same monthly payme as in (i), except that every 6th paymen continue in this pattern for as long as necessary plus a final smaller payment one month after the last regular pa yment. (ii) Constant principal of 250 per month for 25 years plus a monthly payment of interest on the previous month's out- standing balance. For each option find the total amount of interest paid during the lifetime of the loan, and for part (ii) find when the loan is repaid and the final smaller payment required