You are taking out a oneyear, $8000 loan, the proceeds of which you will use to pay off a creditcard debt that has an exorbitant interest rate attached to it. Your junior loan officer is brandnew to the industry and has never taken even one Finance course. Either loan can be repaid with endofmonthly payments. The HighTotalInter est Option accrues interest at 0.45% (or 0.0045) per month. The LowTotalInterest Option has an APR of 6.00%, with interest compounding monthly. The loan officer shows you the following two repayment schedules and thus encour ages you to take the Low Option because your total payments are lower under that option. (a) Using the two pay ment schedules below, calculate total interest paid for each of the loans. The equation for total interest is simply the sum of payments minus the initial (upfront) loan amount. (b) Based on the fundamental principle of time value of money and supported by any math that would be useful, explain whether you, as a wealthmaximizing individual, agree with the loan officers recommendation, as well as why. (part a is worth 1 pt. and part b is worth 4 pts.) Option 1 2 3 4 5 6 7 8 9 10 11 12 Sum High 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 8442.85 8442.85 Low 688.53 688.53 688.53 688.53 688.53 688.53 688.53 688.53 688.53 688.53 688.53 688.53 8262.38