To pay for a home improvement project that totals $11,000, Genesis is choosing between taking out a simple interest bank loan at 6% for 3 years or paying with a credit card that compounds monthly at an annual rate of 16% for 6 years. Which plan would give Genesis the lowest monthly payment?%0D%0A%0D%0A The monthly credit card payment would be $396.49, which is lower than the monthly payment on the bank loan.%0D%0A The monthly payment on a bank loan would be $360.56, which is lower than the monthly credit card payment.%0D%0A The monthly credit card payment would be $354.44, which is lower than the monthly payment on the bank loan.%0D%0A The monthly payment on a bank loan would be $323.89, which is lower than the monthly credit card payment.