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Someone needs to borrow $ 1 1 comma 0 0 0 1 1 , 0 0 0 to buy a car and the person has

Someone needs to borrow

11

comma

00011, 000

to buy a car and the person has determined that monthly payments of

250250

are affordable. The bank offers a

33 -

year loan at

77 %

APR

,

44 -

year loan at

7.57.5 %,

or a

55 -

year loan at

88 %

APR. Which loan best meets the

person's needs? Explain.

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