you are looking to borrow $60,000 for college and are researching available loan options online. you narrow your choices to 2 offers. the first comes from a bank offering you 8.1% annual simple interest with no money down while the second comes from a bank that offers you a 6.65% annual interest rate with a 10% down payment. both banks require the loan to be repaid in 10 years. what is the cost of each loan?