P5-57 (similar to) Question Help 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 atractive and wishes to select the one with the lowest interest rate. The information available with respect to each of the three $5,000 loans is shown in the following table, ue 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 3.698 % (Round to the nearest whole percent) t+Pa 0.57/2 Enter your answer in the answer box and then click Check Answer parts remaining Clear A Check Answer arest rate ERate and Pcreasea e a Type here to search Loan rates of interest Personal Finance Problem John Flemming has been shc possibilities that seem attractive and wishes to select the one with the lowest intere shown in the following table, Each loan requires John to make one payment 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 3.698 %. (Round to the nearest whole percen Enter your answer in the answer box and then click Check Answer 2 parts Cle (Click on the icon located on the top-right corner of the data table below in order to copy its contents into a spreadsheet) Annual payment Term (years) Principal $5,000 $5,000 Loan A $1,646.36 4 B $1,870.56 3 $5,000 $1,285.35 5 Print Done box atd trnen click Cneck Answer Clear All Check A a