Question 24 (2 points) Bob needs to borrow $25 000 to purchase a car. If the interest rate is five percent compounded monthly, which of the following is true when considering a five, seven or ten year term? If he selects a ten year term he will save $2137.80 in interest compared with the seven year term. The overall interest will be the same, regardless of the term. If he selects a seven year term he will save interest by keeping his payments to $343.35 per month. If he selects a five year term he will save $1374.60 in interest compared with the seven year term