You need to borrow money to buy a car and you determine that you can afford monthly payments of $525. The bank offers the following three choices (all compounded monthly). Option 1: 4 year loan at 6% APR. Option 2: 5 year loan at 6.5% APR. Option 3: 6 year loan at 8% APR. a. What is the maximum you can afford to borrow for each loan? (Simplify your answers and round to the nearest dollar.) A Option 1: $82646 Option 2: $26832.06) Option 3:1 b. If you decide to buy a car costing $29,000, which loan should you choose? 2 Submit answer Answers on progress) Score