Question: You have been shopping around for a student loan and you have seen some wide variance between interest rates. You need to borrow $30,000 for 4 years. A loan from your local bank comes with 7% per year interest, while a loan from the US government comes with only 5% per year interest. How much will you save it interest payments over the 4 years by taking out the loan from the US government? Show all of your calculations.