Question: Someone needs to borrow $ 1 2 comma 0 0 0 to buy a car and the person has determined that monthly payments of $

Someone needs to borrow $12 comma 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 7%APR, a 5-year loan at 7.5%, or a 6-year loan at 8% APR. Which loan best meets the person's needs? Explain.
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Part 1
Which loan best meets the person's needs?
Someone needs to borrow $12 comma 000 to buy a car

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