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Assume the car can be purchased for 0 down for 60 months in lieu of...

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Basic Math

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Assume the car can be purchased for 0 down for 60 months in lieu of rebate A BMW that has a sticker price of 62 420 with factory and dealer rebates of 6 000 Hint See Section 11 2 Example 5 a Find the monthly payment if financed for 60 months at 0 APR Round your answer to the nearest cent b Find the monthly payment if financed at 2 5 add on interest for 60 months Round your answer to the nearest cent c Use the APR approximation formula to find the APR for part b Round your answer to one decimal place d State whether the 0 APR or the 2 5 add on rate should be preferred

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