Someone needs to borrow $14,000 to buy a car and the person has determined that...
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Someone needs to borrow $14,000 to buy a car and the person has determined that monthly payments of $300 are affordable. The bank offers a 3-year loan at 8% APR, a 4-year loan at 8.5%, or a 5-year loan at 9% APR. Which loan best meets the person's needs? Explain. Which loan best meets the person's needs? (Round to the nearest cent as needed.) A. The first loan best meets the person's needs because the monthly payment of $ budgeted amount of $300 per month. B. The second loan best meets the person's needs because the monthly payment of $ budgeted amount of $300 per month. C. The third loan best meets the person's needs because the monthly payment of $ budgeted amount of $300 per month. D. None of the loans meet the person's needs. is less than the maximum is less than the maximum is less than the maximum
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