amberdriver6898 amberdriver6898

04-04-2020
Mathematics

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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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darianamin darianamin

04-04-2020

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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