Payments. Cooley Landscaping Company needs to borrow $26,000 for a new front-end dirt loader. The bank is willing to loan the funds at 10% interest with annual payments at the end of the year for the next 9 years. What is the annual payment on this loan for Cooley Landscaping? What is the annual payment on this loan for Cooley Landscaping? $ (Round to the nearest cent.) . 0 Option 1 is the loan with the terms given in the problem. For option 2, the lender will reduce your interest rate by 2 percentage points if you make a down payment of 20% of the principal. For option 3, the lender will reduce your interest rate by 2 percentage points if you agree to pay off the loan 24 months sooner than in option 1. . After completing the schedules for all the options, answer the following questions in another text box on your Excel workbook or a separate Word document. Please copy and paste the questions into the document. 1. Why might a lender be willing to charge you a lower interest rate if you make a significant down payment? 2. Why might a lender be willing to charge you a lower interest rate if you agree to pay off your loan quickly? 3. Under which option do you pay less total interest? Why do you think that is true? 4. Under which option do you pay less in principal? Why is that true? 5. In your current situation, which option would you prefer? Explain why. 6. Which option do you think you would prefer five years from now (presumably after you have graduated and found a good job)? Explain why. The Excel work is worth 5 points. To get full credit, you must