Question: Question 4 [ 5 marks] John has been shopping for a loan to finance the purchase of a car. He has found three possibilities that

Question 4 [ 5 marks] John has been shopping for a loan to finance the purchase of a car. He has found three possibilities that seem attractive and wishes to select the one with the lowest interest rate. The information available with respect to each of the three 5 000 loans is shown in the table below. TIME VALUE OF MONEY (TVM) Loan Annual payment Term (year) Principal 5 000 A 5 $1 352.81 4 B 5 000 $1 543.21 3 5 000 $2 010.45 a) Determine the interest associated with each of the loans b) Which loan should John take? prinupal Anneal paym

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