7% and requires a down payment of $1,000. The second is through his bank; it is a four-year simple interest amortized loan at 7% and requires a down payment of Dennis Lamenti wants to buy a new car that costs $15,771.61. He has two possible loans in mind. One loan is through the car dealer; it is a four-year add-on interest loan at % 4 $1,000. (Round your answers to the nearest cent.) (a) Find the monthly payment for each loan. dealer bank $ (b) Find the total interest paid for each loan. dealer $ bank $ (C) Which loan should Dennis choose? Why? Dennis should choose the bank loan since the interest is less. O Dennis should choose the car dealer loan since the interest is less