Score: 0 of 1 pt 11 of 18 (6 complete) -|w Score: 33.33. D.27 Question Help ! So
ID: 2264685 • Letter: S
Question
Score: 0 of 1 pt 11 of 18 (6 complete) -|w Score: 33.33. D.27 Question Help ! Someone needs to borrow $12,000 to buy a car and the person has determined that monthly payments of $225 are affordable. The bank offers a 4-year loan at 6% APR, a 5-year loan at 6.5%, or a 6-year loan at 7% APR. which loan best meets the person's needs? Explain. Which loan best meets the person's needs? Round the final answer to the nearest cent as needed. Round all intermediate values to six decimal places as needed.) 0 A. The second loan best meets the person's needs because the monthly payment of The first loan best meets the person's needs because the monthly payment of The third loan best meets the person's needs because the monthly payment of None of the loans meet the person's needs. $1-1 is less than the maximum budgeted amount of $225 per month. $ is less than the maximum budgeted amount of $225 per month. S is less than the maximum budgeted amount of $225 per month. B. ° C. D. Click to select and enter your answer(s) and then click Check Answer. All parts showing C Clear All Check Answer 18Explanation / Answer
our option is 3
OPTION 1) the rate of interst is 6% in that way he pays an intest of 720 per year and finally he pays in only 5 years totally 3600 as interst then total amount paid is 15600
as yearly 2700 thrn he plays only a 2700*5=13500 only then it is not satisfied
OPTION 2) the rate of interst is 6.5% in that way he pays an intest of 780 per year and finally he pays in only 5 years totally 4680 as interst then total amount paid is 16680
as yearly 2700 thrn he plays only a 2700*6=16200 only then it is not satisfied
OPTION 3) the rate of interst is 7% in that way he pays an interst of 840 per year and finally he pays in only 5 years totally 5880 as interst then total amount paid is 17880
as yearly 2700 thrn he plays only a 2700*7= 18900 only then it is satisfied
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