125% Comment View Zoom Insert Table Chart Text Shape Media Share Tips Format Document 1. You purchasc a car for $20,000. After making the down payment you still owe $16,000. You have two lenders willing to provide a loan. MidState Bank will lend $16,000 at 8 percent simple interest for 48 months. Central Bank will lend $16,000 at 7% add-on interest for 48 months. Determine the payment and total interest paid for MidState Bank. a. Nothing selected. Select an object or text to format. b. Determine the payment and total interest paid for Central Bank, c. Which bank has the better option, Explain your choice. 190 words