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17 November, 20:05

Someone needs to borrow $14,000 to buy a car and the person has determined that monthly payments of $250 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.

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  1. 17 November, 20:17
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    7% at 6 years would best fit their payment option as they would then be paying $238.69 monthly and that is under the $250
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