Your company needs $50,000 to cover some unexpected expenses and was just offered two loan options with the following terms. If you are open to having a loan term between 5-7 years what loan option will you choose based on the requirement of the smallest payment? Calculate each loan payment and total paid over the life of the loan, be sure to include what your inputs were in your calculator and remaining calculations.

Option 1 - 7 years @ 5%

Option 2- 5 years @ 7%