Penny and Carl took out the same amount of loans for their four years in college; $5,500 freshman year, $6,500 sophomore year, $7,500 junior and senior years. How much more is Carl paying over the next 10 years than Penny? Calculate the total amount each would pay over 10 Years. Subtract that amount from the amount that they borrowed. Compare the two amounts. Show your calculations.

Which scenario should Carl choose? Explain why?

What is the best combination of interest rate and years. Carl wants his monthly payments between $400 and $450? Explain why you choose that combination? (Hint - calculate the total amount Carl will pay).