You need to take a loan of $1,500. You have two repayment options: Option 1: Short-term 6% interest loan with a term of 1 year Option 2: 1-year simple interest amortized loan at 6% interest, monthly payments 11.) (4 pts.) Calculate the lump sum payment for plan A. Then calculate the monthly payment for plan B. Explain how you arrived at your answer. You do not need to copy the formulas here; simply explain what formulas you used and how you used them. 12.) (4 pts.) Calculate the total interest paid for both plans. Explain why you pay more interest with one of the options, and which option you would prefer