Someone needs to borrow $11,000 to buy a car and the person has determined that monthly payments of $2OO are affordable. The bank offers a 4-year loan at 7% APR, a 5-year loan at 7.5% APR, or a 6-year loan at 8% APR.

Which loan best meets the person's needs? Explain. (Round to the nearest cent as needed.)

A. The third loan best meets the person's needs because the monthly payment of $__________ is less than the maximum budgeted amount of $200 per month.
B. The second loan best meets the person's needs because the monthly payment of $__________ is less than the maximum budgeted amount of $200 per month.
C. The first loan best meets the person's needs because the monthly payment of $__________ is less than the maximum budgeted amount of $200 per month.
D. None of the loans meet the person's needs.