Loan rates of interest Personal Finance Problem John Flemming has been shopping for a loan to finance the purchase of a used car. He has found three possibilities that seem attractive and wishes to select the one with the lowest interest rate. The information available with respect to each of the three $3,000 loans is shown in the following table, Each loan requires John to make one payment at the end of each year. a. Determine the interest rate associated with each of the loans. b. Which loan should John take? a. The interest rate, r, on loan A is%. (Round to the nearest whole percent.) ata table k on the icon here in order to copy the contents of the data table below a spreadsheet.) Loan ABC Principal $3,000 $3,000 $3,000 Annual payment $1,227.50 $987.82 $791.35 Term (years) 3 4 5 I X