Jake wants to borrow $1,000 and finds the three different options. The information below expresses what interest rate each bank is charging for the $1,000 loan, along with the period of time Jake will have to repay the loan.

Bank A: 11%, 6 months Bank B: 8%, 9 months Bank C: 7%, 12 months

1. Which bank provides Jake with the lowest dollar amount of interest paid for the length of the loan? (Bank A, Bank B, or Bank C)

2. Which bank would provide Jake the lowest monthly payment? (Bank A, Bank B, or Bank C)