Question 2 - Finance Part I: The following questions relate to loan A a) How much money would be required to pay off the loan on day 10? b) How much money would be required to pay off the loan on day 22, given a $1,100 payment on day c) Calculate a regular payment for this loan assuming it has 12 equal payment periods. 10? Part II: Assume that you have been offered both loan A and loan B, and you can only take between the two loans based on their existing full contractual terms. a) You need $100, which you will be able to pay back in 15 days. Which loan would you prefer to take and why? Assume that you have no risk of not being able to make your payments and there are no fees other than interest You will not prepay, you will 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 Loan B Amount $10,000 Amount $100 Yearly Interest Rate 36.5% Yearly Interest Rate 365% Term 12 Months Term 12 Months Funding Date 2017/01/01 Funding Date 2017/01/01 Days per Year 365 Days per Year 365 Interest Methodology Simple Daily Interest Interest Methodology Simple Daily Interest