eBook Chapter 7 Financial Planning Exercise 10 Comparing payments and APRs of financing alternatives Because of a job change, Finn McBryde has just relocated to the southeastern United States. He said his furniture before he moved, she's now shoping for furnishings. At local furniture store, he's found an assortment of couches, chairs, tables, and beds that he thinks would look great in his new, two-bedroom apartment, the total cost for every is $5,000, Because of moving costs, Finn is a bit short of cash right now, so he's decided to take out an installment loan for $5,000 to pay for the furniture. The furniture store to lend him the money for 48 months at an add on interest rate of 9 percent. The credit union at Find's firm offers to lend him the money they give him the town at a simple Interest rate of 10,5 percent, but only for a term of 24 months a, Compute the monthly payments for the loan from the furniture store. Round the answer to the nearest cont. per month Compute the monthly payments for the loan from the credit union. Round the answer to the nearest cent. per month b. Determine the APR for the loan from the furniture store. Round the answer to 2 decimal places 9 Determine the APR for the loan from the credit union. Round the answer to 2 decimal places. 9 c. Which is more important: low payments or a low APR? -Select- Save & Continue Grade it Now C. MacBook Pro