Low Financing or Cash Back? A car company is offering a choice of deals. You can receive

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Low Financing or Cash Back? A car company is offering a choice of deals. You can receive $1,000 cash back on the purchase, or a 2 percent APR, 5-year loan. The price of the car is $20,000 and you could obtain a 5-year loan from your credit union, at 7 percent APR. Which deal is cheaper? (LG4, LG9)

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