A company has decided to purchase equipment, needing to borrow $100,000 from its local bank to make the purchase. The bank gives the company two options: (a) 60 -month installment note with 4% interest or (b) 120 -month installment note with 8% interest. Lenders often charge a higher interest rate for longer-term loans to compensate for additional risk of lending for a longer time period Required: Complete this question by entering your answers in the tabs below. What is the monthly payment amount for each option? (Round your answer to 2 decimal places.) Review the Tableau visualization, and then answer the questions that follow. Term 60Months120Months Annual Rate 49 8% 12% Term 60 Months 120 Months Annual Rate 496 896 12% Record $100,000 cash received from the issuance of the 120 -month installment note with 8% interest. Note: Enter debits before credits. Complete this question by entering your answers in the tabs below. What is the total amount of interest paid over the life of the note for each option? \begin{tabular}{|lllll} \hline 6 & $1,841.65 & $308.03 & $1,533.63 & $90,8/4.33 \\ \hline 7 & $1,841.65 & $302.91 & $1,538.74 & $89,335.60 \\ \hline 8 & $1,841.65 & $297.79 & $1,543.87 & $87,791.73 \\ \hline 9 & $1,841.65 & $292.64 & $1,549.01 & $86,242.72 \\ \hline 10 & $1,841.65 & $287.48 & $1,554.18 & $84,688.54 \\ \hline 11 & $1,841.65 & $282.30 & $1,559.36 & $83,129.18 \\ \hline 12 & $1,841.65 & $277.10 & $1,564.55 & $81,564.63 \\ \hline 13 & $1,841.65 & $271.88 & $1,569.77 & $79,994.86 \\ \hline 14 & $1,841.65 & $266.65 & $1,575.00 & $78,419.86 \\ \hline 15 & $1,841.65 & $261.40 & $1,580.25 & $76,839.60 \\ \hline \end{tabular} 2712172227323742475257 Interest Portion of Each Payment $2,000.00 Total Interest and Principal Paid $1,500.00 $100,000.00 $10,499.13 Interest Principal $1,000.00 $500.00 $0.00 27121722 2732 3742 47 52 57 +a+++++abeau