Question: You decide to borrow $ 2 0 , 0 0 0 for a new car. You can select one of the following loans, each requiring

You decide to borrow $20,000 for a new car. You can select one of the following loans, each requiring regular monthly payments.
Installment Loan A: 3-year loan at 7%.
Installment Loan B: 5-year loan at 9%.
a. find the monthly payments and the total interest for loan a
b. find the monthly payments and the total interest for loan b

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