Calculate the monthly payment for each offer

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Reference no: EM131562525

You need to borrow $14,000 to buy a car and you determined that monthly payments of $300 is affordable. The University federal credit union offers a 3 year loan at 8% APR, a 4 year loan at 8.5%, or a 5 year loan at 9% APR.

A) Calculate the monthly payment for each offer.

B) Which loan best meets your needs? is it the first, second, or third loan? explain?

Reference no: EM131562525

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