5. **Miles and Nick each separately apply for and receive loans worth $5,000 apiece. Miles has a very good credit score, so his loan has an APR of 7.75%, compounded monthly. Nick's credit score is rather low, so his loan has an APR of 13.10% interest, compounded monthly. If both of them repay their loans over a four year period, making equal monthly payments based on their own loan, how much more will Nick have paid than Miles? (Round all dollar values to the nearest cent.) Hint: use the interest compound formula which is P = PV( i / (1 - (1 + i)^-n ) ) ) where i is the interest divided by 12, and n is how long it takes to pay the loan. a. $619.68 b. $267.50 c. $1,609.57 d. $1,070.00