John borrowed $8,000(P) from a bank today for a term of six years (n). The interest rate (r) is 6.5% per year. Calculate the total amount (F) that John needs to repay the bank for the entire term if (A) The interest rate is a simple interest rate. (B) The interest rate is a compound interest rate and John will repay the bank 1/6 of the initial principal at the end of each year plus the interest due at the end of each year. (C) The interest rate is a compound interest rate and John will repay the bank only the interest at the end of each of the first five years (John will also repay the bank for the original sum plus the interest due for the sixth year at the end of the term). (D) The interest rate is a compound interest rate and John will make a single payment at the end of the term. (E) The interest rate is a compound interest rate and John will make a constant amount of payment at the end of each year. Additional question: Are the four payment plans B, C, D, and E equivalent? Briefly explain why or why not