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Someone needs to barrow $12,000 to buy it cat and the person has delermined that...

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Accounting

Someone needs to barrow $12,000 to buy it cat and the person has delermined that monthly payments of $250 are affordable. The bank offers a 3 year loan at 7% APR, a 4 year loan at 7.5%, or a 5 year loan at 8% APR. Which loan best meets the persor's needs? Explain.
Which loan best meets the person's needs?
(Round to the nearest cent as needed.)
A. The second laan best meets the person's needs because the monthly payment of $ is lesis than th maximum budgeted amount of $250 per month.
B. The first loan best meets the persoris needs because the monthly payment of 5 is less than the maximum budgeted amount of $250 per month.
C. The third loan best meets the person's needs because the monthly payment of $ is less than the maximum budgeted amount of 5250 per month.
D. None of the loans meet the person's needs
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