You are going to borrow $10,000 to buy a second-hand car. Your money is tight so you need to know how much it will cost. Calculate the monthly repayments and total interest paid for the following: Creditor A Creditor B Creditor C Think about: . . APR, compounded monthly 8% 9% 10% Term of Loan 48 months 60 months 60 months Monthly Payment Total Amount Repaid Total Interest Cost How do the PMT and interest cost change with changes in the interest rate? How do the PMT and interest cost change with changes in the term? What do you think lenders will be assessing when giving loans to you?