5.Stanley wants to finance the purchase of a watch which costs $350 000. He takes out a loan 10% deposit is required. The loan term is 4 years. The Nominal interest rate is 10.5%. The instalments are monthly in arrears. The monthly instalment for Option 1 is: Option 1) $8 961.18 Option 2)$8 370.91 Option 3) $7 251.56 Option 4) $8 065.07 6. Stanley wants to finance the purchase of a Second watch which costs $350 000. He takes out a 2nd loan. No deposit is required. The loan term is 4 years. Balloon payment is 15%. The Nominal Interest rate is 10.5%. Chad wants to know the total interest paid over the duration of the watch loan is: Option 1) R80 136.78 Option 2) R90 166.26 Option 3) R297 500.00 Option 4) R104 031.43