PART 1; LQAN [Present Yalng Annuity] 1. Suppose you want to borrow money from a bank (either for a business or for education) and you have the option to choose a loan value between $50,000 and $100,000. State your choice for the loan amount. Loan Amount: 60,000 The interest rate that you will receive for this loan will depend upon your credibility to pay and manage your nances. Usually, this is reected through your Mm. Read about the factors that a'ect your credit score and write a BRIEF summary of your research. All credible references must be cited. Suppose you have a good credit and your bank charges you an interest rate of 3.25%, compounded monthly. Calculate your monthly payment, how much you will pay in total and how much total interest you will pay the bank if you plan to pay off the loan in 15 years. (SHOW ALL YOUR WORK). Suppose you only have 10 years to pay o' this loan. Calculate your monthly payment, how much you will pay in total and how much total interest you Will pay the bank. (SHOW ALL YOUR WORK). Compare the results of your calculations from #3 and #4 by completing the table below. Discuss the pros and cons of a 15-year loan and a 10-year loan. Which do you think is the better option? mm mm Monthly Pa n ent