Jocelyn is considering taking out one of the two following loans. Loan H is a three-year loan with a principal of $5,650 and an interest rate of 12.24%, compounded monthly. Loan I is a four-year loan with a principal of $6,830 and an interest rate 10.97%, compounded monthly. Which loan will have the smaller monthly payment, and how much smaller will it be? Round all dollar values to the nearest cent. A) Loan H's monthly payment will be $42.46 smaller than Loan I's.
B) Loan H's monthly payment will be $140.79 smaller than Loan I's.
C) Loan I's monthly payment will be $11.88 smaller than Loan H's.
D) Loan I's monthly payment will be $26.98 smaller than Loan H's.
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