25) Which loan will cost you more? Loan A: a $100000.00 loan at 5.00% APR for 30 years, or Loan B: a $100000.00 loan at 4.5% APR for 15 years. Assume that you must make monthly payments where n = 12. Loan Payment Formula installation loans) PX (APR) PMT = [1 -(1 + APR) (-ny)] Where: PMT = regular payment amount P= starting loan principal or amount borrowed APR = annual percentage rate n = number of payment periods per year Y = loan term in years a) Loan A will cost less because you will only pay $536.82 per month. b) Loan B will cost you less because you will save $55557.00 at the end of the term of the loan compared to Loan A. c) They are both about the same. d) Loan A is the best because you pay more at the end of the term of the loan but, much less in the beginning. 26) Using the formula: Compound Interest Formula for Interest Paid N Times Per Year A = P( 1 + APR) (ny) Where: A = accumulated balance after Y years P = starting principal APR = annual percentage rate in decimal form n = number of compound periods per year Y = number of years Remember: Credit Cards charge interest daily where n = 365 days/year Solve the following: Paul has a credit card balance of $9500.00 with an APR of 21%. If Paul looses his job and cannot make a payment for 1 year, how much will his new balance be after the year