content area top Part 1 Use PMT equals StartStartFraction Upper P left parenthesis StartFraction r Over n EndFraction right parenthesis OverOver 1 minus left parenthesis 1 plus StartFraction r Over n EndFraction right parenthesis Superscript negative nt EndEndFraction to determine the regular payment amount, rounded to the nearest dollar. Your credit card has a balance of $4900 and an annual interest rate of 16%. With no further purchases charged to the card and the balance being paid off over three years, the monthly payment is $172, and the total interest paid is $1292. You can get a bank loan at 8.5% with a term of four years. Complete parts (a) and (b) below. Question content area bottom Part 1 a. How much will you pay each month? How does this compare with the credit-card payment each month? Select the correct choice below and fill in the answer boxes to complete your choice. (Do not round until the final answer. Then round to the nearest dollar as needed.) A. The monthly payments for the bank loan are approximately $ enter your response here. This is $ enter your response here more than the monthly credit-card payments. B. The monthly payments for the bank loan are approximately $ enter your response here. This is $ enter your response here less than the monthly credit-card payments