Someone needs to borrow $$$$14$ comma $000$ to buy a car and the person has determined that monthly payments of $$$$300$ are affordable. The bank offers a $3-$year loan at $7\%$APR$,$ a $4-$year loan at $7\mathrm{.}5\%,$ or a $5-$year loan at $8\%$ APR. Which loan best meets the$$ person's needs? Explain.

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Part $1$

Which loan best meets the$$ person's needs?

$($Round to the nearest cent as$$ needed.$)$

A$.$

The third loan best meets the$$ person's needs because the monthly payment of $$$

$$

enter your response here is less than the maximum budgeted amount of $$$$300$ per month.

B$.$

The first loan best meets the$$ person's needs because the monthly payment of $$$

$$

enter your response here is less than the maximum budgeted amount of $$$$300$ per month.

C$.$

The second loan best meets the$$ person's needs because the monthly payment of $$$

$$

enter your response here is less than the maximum budgeted amount of $$$$300$ per month.

D$.$

None of the loans meet the$$ person's needs.