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 8% APR, a 5-year loan at 8.5%, or a 6-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.) .... O A. The second loan best meets the person's needs because the monthly payment of $ is less than the maximum budgeted amount of $225 per month. OB. The third loan best meets the person's needs because the monthly payment of $ maximum budgeted amount of $225 per month. OC. The first loan best meets the person's needs because the monthly payment of $ maximum budgeted amount of $225 per month. OD. None of the loans meet the person's needs. is less than the is less than the
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 8% APR, a 5-year loan at 8.5%, or a 6-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.) .... O A. The second loan best meets the person's needs because the monthly payment of $ is less than the maximum budgeted amount of $225 per month. OB. The third loan best meets the person's needs because the monthly payment of $ maximum budgeted amount of $225 per month. OC. The first loan best meets the person's needs because the monthly payment of $ maximum budgeted amount of $225 per month. OD. None of the loans meet the person's needs. is less than the is less than the
Advanced Engineering Mathematics
10th Edition
ISBN:9780470458365
Author:Erwin Kreyszig
Publisher:Erwin Kreyszig
Chapter2: Second-order Linear Odes
Section: Chapter Questions
Problem 1RQ
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Transcribed Image Text: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 8% APR, a 5-year loan at 8.5%, or a 6-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.)
***
O A. The second loan best meets the person's needs because the monthly payment of $ is less than the
maximum budgeted amount of $225 per month.
OB. The third loan best meets the person's needs because the monthly payment of $
maximum budgeted amount of $225 per month.
OC. The first loan best meets the person's needs because the monthly payment of $
maximum budgeted amount of $225 per month.
O D. None of the loans meet the person's needs.
is less than the
is less than the
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