Janei needs to borrow $$6500$ to pay for school. She has two options:

Borrow the money from the bank at an interest rate of $3\mathrm{.}9\%,$ compounded monthly, with monthly payments of $$400.$

Borrow the money from her parents at an interest rate of $3\mathrm{.}5\%,$ compounded monthly, with monthly payments of $$250.$

a$.$ How long would it take to pay off both loans? $(4$ marks$)$

$\backslash$table$[[$PV$,],[$PMT$,],[$FV$,],[$RATE$,],[$PERIOD$,],[$PAYMENT$,],[$FREQUENCY$,],[$COMPOUNDING$,]]$

Parents

$\backslash$table$[[$PV$,],[$PMT$,],[$FV$,],[$RATE$,],[$PERIOD$,],[$PAYMENT$,],[$FREQUENCY$,],[$COMPOUNDING$,]]$

b$.$ What is the total amount Janei would pay on both loans? $(2$ marks$)$

Bank:

Parents: