How much will the buyer save in interest (round to the nearest cent as needed).

Suppose that you decide to borrow $14,000 for a new car, You can select ono of the following loans, each requiring tepiear morthly payments. Installment Loan A: three,year loan at 6.3% Installment Loan B: fiveyear loan at 6.4% Use PMT =[1(1+nr)nt]p(nr) to complete parts (a) through (c) beliow: The total interest for Loan A is $1,401,26 (Round to the nearest cent as needed.) b. Find the monthly payments and the total interest for toanB The monthly payment for Loan 8 is 527327 (Do not round until the final answer. Then round to the nearest cent as needed) The total interest for Loan B is $2,396.20 (Round to the nearest cent as needed.) c. Corroare the monthly payments and the fotal interest for the mo ioans. Determine which loan is more economical. Choose the correct answer below A. The three year ioan at 6.3% is more economical. B. The five-year foan at 6.4% is more economical, A ? The buyer will save approximatelys in interest (Round to the nearest cent as needed)