Get expert insights and community support for your questions on IDNLearn.com. Join our knowledgeable community and get detailed, reliable answers to all your questions.

You need a $12,000 loan to buy a good used car. Your bank offers a 3-year loan with an APR of 5% and a 5-year loan with an APR of 8%. Find the monthly payment and total interest paid for each loan option. Which would you choose? What is the better deal?