Please assist with the given problem.
Many times managers need to make decisions on what equipment to buy and how to finance it. Suppose you are in the market for a new car for your business. Choose a vehicle that will suit your needs. You have the cash to pay for it if needed. You can buy the car with cash or finance it at 2.9% for five years. What are some of the factors involved in making your decision? Assume that there are no tax implications. What part does the time value of money play in your decision? After analyzing the situation, what method would you use to pay for it? Support your answer. Please answer using quantitative analysis rather than your personal preference.