) You need money to put new siding on a house. The cost of the project is $8000. You have two financing options. You can borrow the money from a relative, and after a year pay the relative back $9000 , or get a 24 - month personal loan from your bank at 8% APR . Answer the following questions . You must show work for credit. (15 ) a) If you borrow the money from a relative: - How many payments do you make? _______ - How much interest will you pay? _______ - Use what you know about simple interest to compute the interest rate. ___ b) If you borrow the money from the bank: - How many payments do you make? _______ - Use the table or formula to compute the monthly payment. _______ - How much interest will you pay (the total finance charge)? _______ 7) You need money to put new siding on a house. The cost of the project is $8000. You have two financing options. You can borrow the money from a relative, and after a year pay the relative back $9000 , or get a 24 - month personal loan from your bank at 8% APR . Answer the following questions . You must show work for credit. (15 ) a) If you borrow the money from a relative: - How many payments do you make? _______ - How much interest will you pay? _______ - Use what you know about simple interest to compute the interest rate. _______ b) If you borrow the money from the bank: - How many payments do you make? _______ - Use the table or formula to compute the monthly payment. _______ - How much interest will you pay (the total finance charge)? _______ Which loan would you go with, and why?