Javier wants a $30,000 small business loan to start his small business. Bank A offers him a 10-year loan at 4.2% interest. Bank B offers him a 5-year loan at 8.1% interest. Which statements are accurate about these options? Select all that apply. (More than one answer).
A. The total interest paid for the 10-year loan are $6,791.42.
B. The total interest paid for the 5-year loan is $7,548.57.
C. Javier pays less over the life of the loan if he takes the 10-year loan.
D. Javier pays less over the life of the loan if he takes the 5-year loan.
E. The monthly payments for the 10-year loan are $407.19
F. The monthly payments for the 5-year loan are $609.73.