4. Raquel is presented with two loan options for a $60,000 student loan. Option A is a 10-year fixed rate loan at 4% interest compounded monthly, while Option B is a 20-year fixed-rate loan at 3% interest compounded monthly. What is the monthly payment under each option? What is the total interest for each option? Round your answers to the nearest cent.
5. Write a paragraph discussing what factors might influence Raquel’s decision when choosing between Option A and Option B for her student loan. Please discuss at least two different factors. Your paragraph should be at least 4 sentences.