3. Loan Interest. Sharon is considering the purchase of a car. After making the down payment, she will finance $11,450.00. Sharon is offered 3 maturities. On a four-year loan she will pay $284.93 per month. On a five-year loan, Sharons monthly payment will be $237.68. On a six-year loan they will be $206.39. Sharon rejects the four-year loan, as it is not within her budget. How much interest will Sharon pay over the life of the five-year loan? Of the six-year loan? Which should she choose if she bases her decision solely on interest paid?

• The amount of interest on the five-year loan is ___
• The amount of interest on the six-year loan is _______
• She should choose the __________ loan based on total interest paid.
• What would be a valid reason for choosing the other loan option? ______________.