Suppose Keyon needs to borrow $11,900 for the purchase of a car and is considering two loan options. Loan A is a five-year loan at 9% interest while loan B is a four-year loan at 8.3% interest. Determine the monthly payment required to repay Loan A and the total interest paid over the life of Loan A. Round solutions to the nearest cent, if necessary. The monthly payment for Loan A is $ The total interest paid for Loan A is $ Determine the monthly payment required to repay Loan B and the total interest paid over the life of Loan B. Round solutions to the nearest cent, if necessary. The monthly payment for Loan B is $ The total interest paid for Loan B is $ Determine the lower-cost option of the two loans. O Loan B is the lower cost option. O Loan A is the lower-cost option. Determine the amount of savings Keyon will experience if he chooses the lower-cost loan option. Savings = $ Hint: Related Formula The loan payment formula for fixed installment loans is given by the expression P(X) PMT = 1 - ( 1+ * ) where PMT is the periodic payment required to repay a loan of P dollars, paid n times per year over t years, at annual interest rate of r %. Submit All Parts