purvisl1 purvisl1

15-07-2024
Mathematics

Answered

Someone needs to borrow $10 comma 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 7% APR, a 5-year loan at 7.5%, or a 6-year loan at 8% APR. Which loan best meets the person's needs? Explain.

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