Determine monthly payment if financed for sixty months


Car with the sticker price of $36,500 with factory and dealer rebates of $4200. 1) determine monthly payment if financed for 60 months at 0% APR. 2) Determine monthly payment if financed at 2.5% add-on interest for 60 months. 3) use APR approximation formula for part b. 4) define whether 0% APR or 2.5% add-on rate must be preferred.

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Mathematics: Determine monthly payment if financed for sixty months
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