What factors should you consider when comparing two loans, math homework help

1.Suppose you have $10,000 loan @ 5% for 10 years with a $106 monthlypayment; you are also offered a 3% loan with a $100 monthly payment for10 years. Which is better? Explain. What factors should you consider whencomparing two loans. Suppose the 3% loan at $100 monthly payment can be paid in115 monthly payments? Would this loan be better than the original loan at 5%for 10 years? Explain.2.A student had a $20,000 loan at 4% for 10 years. The first paymentwas $202.49.a) How much interest and howmuch principal are paid in the first paymentb)If the interest rate was8.25% how much more of the first payment would have gone to interest ascompared with the 4% loan and $202.49 payment?Howmuch more total interest would be paid on an 8.25% 10 year loan with a $245.31monthly payment as compared to the 4%loan and $202.49% payment over the same 10year period?