1. A sole trader wishes to purchase a vehicle for the business and is quoted an annual percentage rate of interest of 22.9 per cent on a loan of $12000 over 3 years. Calculate:
   1. The interest paid on the loan.
   2. The total cost of the loan if repayment is made over 2 years at the monthly equivalent interest rate of 1.73 per cent (=22.9 per cent APR).
   3. The difference in the amount of interest paid between (a) and (b).