1. Downward motors has offered Vicki either a $2000 rebate or a 2%, 4-year loan on the new SUV she is purchasing for $33,000 with a $3,000 down payment. Vicki has done her homework and knows that she can get a 6%, 4-year loan at her credit loan. Should Vicki take the rebate and buy a new wardrobe or 2% loan from the dealer?
2. Jamil is purchasing a new truck for $30,000. Jamil is making a $2,000 down payment, and he will make 60 monthly payments of $541 each. What are the total finance cost of this loan?