Her credit union has offered her a

9

-year small business loan at an annual interest rate of

11.4%

. Find the monthly payment.

$

(b)A savings and loan association has offered her a

8

-year small business loan at an annual interest rate of

12.9%

. Find the monthly payment.

$

(c)Suppose Ashley pays the monthly payment each month for the full term. Which lender's small business loan would have the lowest total amount to pay off, and by how much?

Credit union

The total amount paid would be$less than to the savings and loan association.

Savings and loan association

The total amount paid would be$less than to the credit union.