2. You need to borrow money to buy a car, and you determine that you can afford monthly payments of $250. The bank offers three choices: Opt 1: 3 year loan at 7% APR (all compounded monthly) Opt 2: 4 year loan at 7.5 % APR Opt 3: 5 year loan at 8% APR From an Example in the lecture notes, you know that if you choose Opt 1, you can afford to borrow $8,097. If you choose Opt 2, you can afford to borrow $10,340. a. (1 point) If you choose Opt 3, what is the maximum you can afford to borrow? Round your answer to the nearest whole dollar. Answer: $ b. (0.5 points) If you decide to buy an $11,000 car, which loan should you choose? No work required. Circle One: Opt 1 OR Opt 2 OR Opt 3