Engineering Economics Question

6. Consider a scenario in which you have taken loan of amount $15000 from the credit union bank and bank agrees that you may pay back the loan by choosing one the the following plan in five years with interest at 8%. Which of the plan you choose state the reason to chi Plans A. At end of each year, pay $1000 principal plus interest due. B. Pay interest due at end of each year and principal at end of five years. C Pay in five equal end-of-year payments. D. Pay principal and interest in one payment at end of five years. You need to draw cash flow table of each year of the above 4 plans indicating a) Amount owed on the beginning of year b) Interest owed for that year c) Total owed at the end of year = Amount owed + Interest owed d) Principal Payment e) Total End of Year Payment => Interest Owed + Principal Payment