Loan 1 Loan 2 Purchase price Purchase price $ 40,000 $ 15,000 i Down payment i Down payment $ 2,000 $ 2,000 Loan term (months) i Loan term (months) i 48 24 Interest rate Interest rate 5.00% 5.00 % Which loan is the better value? Explain your reasoning. Are there other factors to consider before determining which offer to go with? Calculate the payments yourself using the formula we learned in the first half of this unit. Do your values match those of the amortization app found at the site above? Loan 1 Loan 2 Purchase price Purchase price $ 40,000 $ 15,000 i Down payment i Down payment $ 2,000 $ 2,000 Loan term (months) i Loan term (months) i 48 24 Interest rate Interest rate 5.00% 5.00 % Which loan is the better value? Explain your reasoning. Are there other factors to consider before determining which offer to go with? Calculate the payments yourself using the formula we learned in the first half of this unit. Do your values match those of the amortization app found at the site above