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You are currently repaying a $ 5 , 0 0 0 loan from a personal lender with an APR of 1 8 . 7 percent,

You are currently repaying a $5,000 loan from a personal lender with an APR of 18.7 percent,
making monthly payments of $250. You receive an offer to refinance the loan with a new lender
who offers an APR of 7.9 percent with the same monthly payment of $250. How much total
interest will you save by refinancing with the new lender? Use Excel to solve the following.
A) $1,234.76
B) $568.12
C) $986.45
D) $659.37
E) $2,045.30
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