A small business owner is applying for a small business loan and has been approved for a $50,000 loan with 6.15% annual interest. The first loan is a simple interest rate, the second loan compounds interest quarterly, and the third loan compounds interest continuously. The small business owner plans to pay off the loan in 3 years and 7 months.

Part A: Determine the total value of the loan with the simple interest. Show all work and round your answer to the nearest hundredth. (3 points)

Part B: Determine the total value of the loan with the quarterly compounded interest. Show all work and round your answer to the nearest hundredth. (3 points)

Part C: Determine the total value of the loan with the continuously compounded interest. Show all work and round your answer to the nearest hundredth. (2 points)

Part D: Using the values from Parts A, B, and C, explain which loan option is the best choice for the small business owner. (2 points)