Suppose that you decide to borrow

?$17,000 for a new car. You can select one of the following amortized? loans, each requiring regular monthly payments. Installment Loan? A: three-year loan at

6.36.3?% Installment Loan? B: five-year loan at 5.85.8?%

Complete parts a. through c. below.

a. Find the monthly payments and the total interest for Loan A.

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? five-year loan atc5.85.8?% is more economical.

B.

The? three-year loan at 6.36.3?% is more economical.The buyer will save approximately

?$ in interest.???

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