Peter wants to borrow $3,000. He has two payment plans to choose from. Plan A is 4% interest over 6 years. Plan B is 5% interest over 4 years. Using the formula m=P+Prt/12t for payment, m, which statement best compares the plans?
A. Plan A has a monthly payment of about $23 less and a total interest charge of $120 less than plan B.
B. Plan A has a monthly payment of about $23 less and a total interest charge of $120 more than plan B.
C. Plan A has a monthly payment of about $23 more and a total interest charge of $120 more than plan B.
D. Plan A has a monthly payment of about $23 more and a total interest charge of $120 less than plan B.
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