Sorneone needs to borrow $$16,000$ to buy a car and the person has determined that monthly payments of $$300$ are alfordable. The bank offers a $4$ year loan at $8\%$ APR, a $5$ year loan at $85\%$ or a $6-$year loan at $9\%$ APR. Which loan best meets the person's needs? Explain.

Which loan best meets the persoris needs?

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

A$.$ The second loan best meets the person's needs because the monthly payment of $ is less than the maximum budgeted amount of $$300$ per month

B$.$ Thio third loan best meets the person's needs because the monthly payment of $ is less than the maximum Laikgeted amount of $$300$ per month.

C the first iean best meets the person's needs because the monthly payment of $4$ is less than theimaximum frogered arrount of $$300$ per month

laans meet the person's needsI