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Someone needs to borrow $ 2 0 , 0 0 0 to buy a car and the person has determined that monthly payments of $

Someone needs to borrow $20,000 to buy a car and the person has determined that monthly payments of
$350 are affordable. The bank offers a 3-year loan at 5% APR, a 5-year loan at 6%, and a 6-year loan at
7.5%.
Find the payments for each of these 3 loans.
a.3-yr loan at 5% b.5-yr loan at 6% c.6-yr loan at 7.5%
d. Which of these loans best meets the persons need and why?

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