RBC wishes to borrow $2.1 million for 8 years. The company APPE offers to lend the money at j2= 9% if it is amortized semi-annually. Another company ECHO offers it at j2= 7.6% only if the interest is paid semi-annually and the principal is returned at the end of 8 years. If you take ECHOs offer a sinking fund is established by semi-annual deposits at j2= 3.9%. Which company should AB InBev take the offer from and how much can they save semi-annually with the better option?