Post 2: Reply to a Classmate Due to a change in circumstances, the business now needs to purchase some of the listed equipment today by borrowing money. Find a classmate's initial post that has not yet been replied to by a fellow classmate. Use the simple interest formula to calculate the interest on a loan for the first priority piece of equipment from your classmate's post. Use your classmate's choices for principal, rate, and time. Show all steps in your calculations in your post. Using several sentences discuss the advantages and disadvantages associated with saving for the equipment vs. borrowing for the equipment. Include these items in your post: Calculation of simple interest on first piece of equipment Steps in calculations Discussion of advantages and disadvantages of saving/borrowing. Principal of $3600, 3% interest rate and 5 year term