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21. You have decided to buy a 2003 Chevy Cavalier. The total cost with tax, title, license and optional equipment is $20,500. You will make
21. You have decided to buy a 2003 Chevy Cavalier. The total cost with tax, title, license and optional equipment is $20,500. You will make a down payment equal to 10% of the total cost of the car. The remaining amount will be financed. You have two financing options. Option 1- Get $2,500 cash back. This amount will reduce the amount you need to finance. You will be able to get a 5 year car loan on the remaining amount with a 6.0% interest rate from your bank. Option 2 Get no cash back and finance the entire amount. The loan will be for 3 years with a 0.0% interest rate from GMAC financing
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