Note on Simple Daily Interest Part I: The following questions relate to loan A a) b) How much money would be required to pay off the loan on day 10? How much money would be required to pay off the loan on day 22, given that there was a $1,100 payment on day 10? Calculate a regular payment for this loan assuming it has 12 equal periods. Calculate a regular payment for this loan assuming the repayment date is on the first of every month. c) d) Part Il: Assume that you have been offered both loan A and loan B a) You are in need of $100, which you will be able to pay back in 15 days. Which loan would you prefer to take to cover your $100 and why? Assume that you have no risk of not being able to make your payments and there are no fees outside of interest. . You will also not prepay. You hold the entire amount until you pay the loan back in full in 15 days. b) How much money did you save by choosing the answer to the previous question? Loan A Amount Yearly Interest Rate Term Funding Date Days per Year Interest Methodology $10,000 36.5% 12 Months 2017/01/01 365 Simple Daily Interest Loan B Amount Yearly Interest Rate Term Funding Date Days per Year Interest Methodology $100 365% 12 Months 2017/01/01 365 Simple Daily Interest