$18-16.$ Mary Contrary is offered a $$1,600$ loan for a year to be paid back in equal quarterly principal installments of $$400$ each. If Mary is offered the loan at $6$ percent simple interest, how much in total interest charges will she pay? Would Mary be better off $($in terms of lower interest cost$)$ if she were offered the $$1,600$ at $5$ percent simple interest with only one principal payment when the loan reaches maturity? What advantage would this second set of loan terms have over the first set of loan terms?Input Area:

Alternative $1$: Qtly Payts

$ Amount of loan $1,600\mathrm{.}00$

$ Principal installment payments $400\mathrm{.}00$

Annual simple interest rate $6\mathrm{.}00\%$

Alternative $2$: Pay all in $1$ yr

$ Amount of loan $1,600\mathrm{.}00$

Annual simple interest rate $5\mathrm{.}00\%$

Output Area:

Alternative $1$: Qtly Payts

Interest paid for first quarter

Interest paid for second quarter

Interest paid for third quarter

Interest paid for fourth quarter

Total interest paid over the year

Alternative $2$: Pay all in $1$ yr

Interest paid

Show it in excel