Please provide an answer for question 3 thank you

The following information will be used for Question 2 and 3: You have a choice between two non-amortizing loans. The first non-amortizing loan (fixed rate loan) is $10,000 over 5 years with a fixed rate at 4%. The second loan (variable rate loan) is also $10,000 over 4 years with or a floating rate loan of LIBOR plus.7%. Table 1. shows what you are projecting LIBOR to be over the next 4 years. Table 1: Year 1 4.00% Year 2 4.50% Year 3 4.25% Year 4 3.75% Question 2 5 pts Question Based your projection expense which do you choos you want to minimize this expense, xed rate loa tho ariable rate loan? lect your answer using the drop down box versus typing in the answer. Fixed Rate Loan Question 3 5 pts Question 3: What is the dollar amount difference in interest expense between the fixed and variable rate loan (only show to the whole dollar, and input answer in $xx format)