Consider the following newspaper ad. on the passenger car: $4,000 cash rebate or 0.9% financing....
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Finance
Consider the following newspaper ad. on the passenger car: $4,000 cash rebate or 0.9% financing. Assume that the car price (after negotiation) is $38,000 and he or she can finance the 4-year car loan from a local bank at 3.6%. Recall that loans are paid monthly. Which option is better off to the consumer? That is, find the monthly payment for each option.
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