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How much more would you have to pay each month if you had poor credit and could only get a loan at a higher interest rate? The terms for the good credit loan are $20,000, 3% APR, 4 years. The terms on the poor credit loan are $20,000, 8%, 4 years. (Hint: you will need to do two calculations of the same formula using the different terms.)

How much more would your payment be if you had poor credit? Please choose the number closest to your answer.

Options:

a) $45.47

b) $54.78

c) $15.20

d) $62.31

e) $48.02