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Someone needs to borrow $12,000 to buy a car and the person has determined that monthly payments of $275 are affordable. The bank offers a

Someone needs to borrow $12,000 to buy a car and the person has determined that monthly payments of $275 are affordable. The bank offers a 3-year loan at 7% APR, a 4-year loan at 7.5%, or a 5-year loan at 8% APR. Which loan best meets theperson's needs?

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