Question 2 A mid-size construction company purchases a new high-performance concrete batching plant for \(\$ 1,500,000\). The supplier offers two financing options: Option 1(Biennial Payments): The company pays \(25\%\) down and finances the remainder directly through the supplier at a monthly interest rate of \(0.6\%\), compounded monthly. The loan is to be repaid with equal payments made every two years (biennially) over a total term of 14 years. Option 2(Monthly Payments): Alternatively, the company can pay the same \(25\%\) down but finance the remainder with equal monthly_payments at an annual interest rate of \(\mathbf{7.45\%}\) over the same 14-year period. Tasks: a. Determine the amount of each biennial (every two years) payment under Option 1. b. Determine the amount of each monthly payment under Option 2. c. Compute the total interest paid for each option AND identify which option results in a lower total interest cost. d. If the company decides it can afford \(\$ 12,000\) per month, determine how long it will take to fully repay the loan under Option 2's interest rate. Express your answer in years and months. e. Suppose the company wants to maintain the \(\mathbf{14}\)-year term but prefers to pay \(\$ 12,000\) per month instead of the required payment in (b). Calculate the new required down payment percentage that would make this possible. Hint: Use trial and error in Excel to determine how much of the original loan principal can be paid off in 14 years with \(\$ 12,000\) monthly payments. In other words, find the total principal that can be repaid with \(\$ 12,000\) monthly over 14 years.