3. Suppose you have been offered two loan options: one at 4% simple interest for 5 years, and one at 5% simple interest for 4 years. Which will result in a lesser interest charge? Does it depend on the principal? (8pts) 4. Payton bought a new motorcycle and obtained a personal loan at 8.5% for 4 years. His monthly payments are $150. What amount did he initially borrow? Show all your work. (8pts) 5. Watch the video below about payday loans. John took 3 months to pay off the loan. What simple interest rate did he pay? Explain how you calculated this rate. (8pts) Video: Payday Lending Duration: 1 minute 16 seconds