Kim is shopping for a car. She will finance $8,000 through a tender, The table to the right shows the monthly payments per thousand dollars borrowed at various APRs and terms. Use the table to answer parts (a) through (c) below APR. 8 Term, t in years) 4 5 6 7 0.05 $23.03 $18.87 $16.10 $14.13 $12.66 0.055 $23.26 $19.10 $16.34 $14.37 $12.90 0.06 $23.49 $19.33 $16.57 $14.61 $13.14 0.065 523.71 $19.57 $16.81 $14.85 $13.39 0.07 $23.95 $19.80 $17.05 $15.09 $13.63 0.075 $24.18 $20.04 $17.29 $15.34 $13.88 (a) One lender offers Kim an APR of 6% for a 4-yr term. What would be the amount of Kim's monthly payment? (b) A competing lender offers an APR of 5.5% but for a 6-yr term. What would be the amount of Kim's monthly payment? (c) Assume that Kim makes the minimum payment each month for the entire term of the loan Calculate het total payments for an APR of 6% for a 4-yr term from part (a) and for an APR of 5.5% for a 6-yr term from part (b). Which option costs Kim less overall? For the option described in part (a), her fotal payments are so For the option described in part (b), her total payments are $ Which option costs Kim less overall? O A. The option in part (b) costs Kim less overall, B. The options in parts (a) and (b) cost Kim the same amount overall C. The option in part (a) costs Kim less overall