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You need $ 8 0 0 0 for school and has two options. Option A: 7 years at 5 % interest with monthly payments of

You need $8000 for school and has two options.
Option A: 7 years at 5% interest with monthly payments of $113.07
Option B: 8 years at 4.5% interest with monthly payments of $99.39
Calculate the total payback on each loan and calculate how much you will save by choosing option A.(Section 2.14)
(a) Total paybacks of option A and option B

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