John is planning to take out a personal loan for $4,500 to buy a car. he would like to keep his monthly payments at or below $150.00 and pay the loan off in three years. which of the following is the greatest interest rate john can accept and still meet his criteria?
a. 10.75% compounded monthly
b. 11.50% compounded monthly
c. 12.25% compounded monthly
d. 13.00% compounded monthly

C. 12.25% compounded monthly

Step-by-step explanation:

Since, the monthly payment formula for a loan is,

Where PV is the principal value of the loan,

r is the rate per month,

n is the number of months,

Here, PV = $ 4,500, n = 36,

Let r be the annual rate of interest,

P ≤ 150

⇒

⇒

⇒

Thus, the greatest annual interest rate = 0.1225 = 12.25 %

⇒ Option C is correct.

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