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Using the preferred formula attached, solve the problem below. PMT=[1(1+nAPR)(nY)]P(nAPR) PMTPAPRnY=regularpaymentamount=startingloanprincipal(amountborrowed)=annualpercentagerate=numberofpaymentperiodsperyear=loanterminyears Someone needs to borrow $12,000 to buy a car and the person has determined

Using the preferred formula attached, solve the problem below. image text in transcribed

PMT=[1(1+nAPR)(nY)]P(nAPR) PMTPAPRnY=regularpaymentamount=startingloanprincipal(amountborrowed)=annualpercentagerate=numberofpaymentperiodsperyear=loanterminyears Someone needs to borrow $12,000 to buy a car and the person has determined that monthly payments of $225 are affordable. The bank offers a 4-year loan at 8% APR, a 5-year loan at 8.5%, or a 6 -year loan at 9% APR. Which loan best meets the person's needs? Explain

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