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

Question

3 years ago

7

ank 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.

1 answer:

Aneli [31] · Answer 1 · 2022-04-17T17:56:55+03:00

Aneli [31]3 years ago

8 0

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

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