Insert Table Chart Text Shape Media Comment I You borrow $3500 for one year from a friend at an interest rate of 1.5% per month instead of taking a loan from a bank at a rate of 18% per year. Compare how much money you will save or lose on the transaction. 1. You will pay $55 more than if you borrowed from the bank. 2. You will pay $630 more than if you borrowed from the bank. 3.You will pay $685 more than if you borrowed from the bank. 4. You will save $55 by borrowing from your friend.