Donald is in the market for a used car. He has found the same sports car at two different dealerships and is now considering which dealer he should purchase the car from. Dealer 1 requires Donald to get the loan through their lending department. Dealer 1 has told Donald that because they do their own financing, they can get Donald the very best loan possible and Donaldwill only have to pay $365 per month for 60 months (5 years). Dealer 2 is selling the car for $18000. Dealer 2 has told Donaldhe can use their financing or get his own lender, so Donald talked with his bank and learned that he can get a 5 year car loan for 4.1% APR. Dealer 2 has also offered Donald a 5 year loan for 5.1%. Based on these loan options, what is Donalds lowest monthly loan payment option?

$365 per month for 60 months from Dealer 1.

$340.51 per month for 60 months from Dealer 2.

$332.31 per month for 60 months from Donalds bank.

There is not enough information to determine which loan option will have the lowest monthly payment.