The following three one-year “discount” loans are available to you: Loan A: $168,571 at a 8.0 percent discount rate Loa

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The following three one-year “discount” loans are available toyou:Loan A: $168,571 at a 8.0 percent discountrateLoan B: $158,571 at a 7.0 percent discountrateLoan C: $178,571 at a 7.5 percent discount rate
(a)
Determine the dollar amount of interest you would pay on eachloan and indicate the amount of net proceeds each loan wouldprovide.
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Calculate the percent interest rate or effective cost of eachloan. (Round answers to 2 decimal places, e.g.52.75.)