16. (1/2 points) DETAILS PREVIOUS ANSWERS MY NOTES ASK YOUR TEACHER PRACTICE ANOTHER When interest rates are low, some automobile dealers offer loans at O'M APR, as indicated in a 2016 advertisement by a prominent car dealership, offering zero percent financing or cash back deals on some models Zero percent financing means the obvious thing--that no interest is being charged on the loan. So if we borrow $1.200 at 0% Interest and pay it off over 12 months, our monthly payment will be $1.200/12 $100 Suppose you are buying a new truck at a price of $20,000. You plan to finance your purchase with a loan you will repay over two years. The dealer offers two options: other dealer financing with 0% Interest, or a $2.000 rebate on the purchase price. If you take the rebate, you will have to go to the local bank for a loan (of $18,000) at an APR of 6.5% Should you take the dealer financing or the relate (Assure you take the deal that saves you the mout money) dealer Finandag rebate How much would you save over the We of the loan by taking the option you chose? (Round your answer to the nearest cent] 5 X Submit