Just for your reference, this question will get unlimited number of solutions, attached is a few examples I calculated from Excel. Have fun to pick one or create one to be your favorite.
We know that the Angle subtended by an arc on centre of the circle is double as that of Angle subtended by the same arc on the circumference (boundary) of the circle
If Mike is willing to pay no more than an effective rate of 8.000% annually, the loans that meet his criteria are loan X and loan Z. Of those two, the lowest would be loan X. I hope the answer will help you :)
