Someone needs to borrow $11,000 to buy a car and the person has determined that monthly payments of $200 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?
A. The second loan best meets the person's needs because the monthly payment of $ _____ nothing
is less than the maximum budgeted amount of $200 per month
B. The first loan best meets the person's needs because the monthly payment of $ ______nothing is less than the maximum budgeted amount of $200 per month.
C.The third loan best meets the person's needs because the monthly payment of $ ______nothing is less than the maximum budgeted amount of
$200
per month.
D. None of the loans meet the person's needs.
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