Suppose that you decide to borrow $$16,000$ for a new car. You can select one of the following loans, each requiring regular monthly payments. Installment Loan A: three$-$year loan at $6\mathrm{.}3\%$

Installment Loan B: five$-$year loan at $7\mathrm{.}2\%$

Use $PMT=\frac{P(\frac{r}{n})}{[1-(1+\frac{r}{n}{)}^{-nt}]}to$ complete parts $(a)$ through $(c)$ below.

The monthly payment for Loan $A$ is $

$($Do not round until the final answer. Then round to the nearest cent as needed.$)$

The total interest for Loan $A$ is $$.$

$($Round to the nearest cent as needed.$)$

b$.$ Find the monthly payments and the total interest for Loan B

The monthly payment for Loan B is $

$($Do not round until the final answer. Then round to the nearest cent as needed.$)$

The total interest for Loan B is $

$($Round to the nearest cent as needed.$)$

c$.$ Compare the monthly payments and the total interest for the two loans.

Determine which loan is more economical. Choose the correct answer below.

A$.$ The three$-$year loan at $6\mathrm{.}3\%$ is more economical.

B$.$ The five$-$year loan at $7\mathrm{.}2\%$ is more economical.