Assume you decide to pay off the balance over one year rather than four. How much more must you pay each month, and how much less will you pay in total interest? Use the formula:

PMT = (P * (r/n)) / (1 - (1 + (r/n))(-n))

a) $500 more per month, $3000 less in total interest
b) $300 more per month, $2000 less in total interest
c) $200 more per month, $1000 less in total interest
d) $100 more per month, $500 less in total interest