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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 $8,000 loans is shown in the following table. E 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? Data Table a. The interest rate, , on loan Ais %. (Round to the nearest whole percent.) The interest rate,r, on loan B is % (Round to the nearest whole percent) (Click on the icon located on the top-right corner of the data table below in order to copy its contents into a spreadsheet) The interest rate, r, on loan Cis %. (Round to the nearest whole percent) Loan Term (years) b. Which loan should John take? (Select the best answer below) Principal $8,000 $8,000 $8,000 Annual payment $2,634 18 $3,216.73 $2.056.56 O A Loan C OB. Loan B O C. Loan A Print Done