Loan rates of interest Personal Finance Problem John Flemming has been shopping for a loan to finance the purchase of a used car. He has found three possibilities that seem attractive and wishes to select the one with the lowest interest rate. The information available with respect to each of the three $4,000 loans is shown in the following table, Each loan requires John to make one payment at the end of each year. a. Determine the interest rate associated with each of the loans. b. Which loan should John take? a. The interest rate, r, on loan A is %. (Round to the nearest whole percent.) Data table (Click on the icon here in order to copy the contents of the data table below into a spreadsheet.) Time to repay installment loan Personal Finance Problem Mia Salto wishes to determine how long it will take to repay a $8,000 loan given that the lender requires her to make annual end-of-year installment payments of $1,915. a. If the interest rate on the loan is 14%, how long will it take for her to repay the loan fully? b. How long will it take if the interest rate is 11% ? c. How long will it take if she has to pay 17% annual interest? d. Reviewing your answers in parts a,b, and c, describe the general relationship between the interest rate and the amount of time it will take Mia to repay the loan fully. a. If Mia can borrow at an annual interest rate of 14%, the amount of time it will take for her to repay the loan fully is years. (Round to two decimal places.)