Someone needs to borrow $$$$12$ comma $000$ to buy a car and the person has determined that monthly payments of $$$$225$ are affordable. The bank offers a $4-$year loan at $7\%$APR$,$ a $5-$year loan at $7\mathrm{.}5\%,$ or a $6-$year loan at $8\%$ APR. Which loan best meets the$$ person's needs? Explain.

Question content area bottom

Part $1$

Which loan best meets the$$ person's needs?