Which has a higher cost of credit, a $12,000.00 loan for 3 years at 28.8% interest or a $24,000.00 loan for 3 years at 14.4% interest? The cost of credit is the amount that a person pays over and above the amount borrowed.

P is the principal, r is the interest rate,
m is the number of monthly payments,
M is the monthly payment
A.
There is not enough information to calculate the cost of credit.
B.
A $24,000.00 loan for 3 years at 14.4% interest has a higher cost of credit.
C.
A $12,000.00 loan for 3 years at 28.8% interest has a higher cost of credit.