3. You have decided to buy a 2018 Jeep Grand Cherokee. The price of the Jeep is $36,500. The dealership presents you with two choices: 2018 Jeep Grand Cherokee Lease Deals: About $269 per month for 36 months with around $2,999 due at signing on Laredo 4x4 (Expires: 07/31/18) MSRP: $30,886-S86,200 Finance Deals: Get the Best Price 0% financing for 36 months plus up to $500 bonus cash on select trims (Expires: 07/31/18) Cash Back Deals: Up to $3,000 cash back on select trims (Expires: 07/31/18) (1) Finance the Jeep at 0% interest for 36 months plus receive a $500 discount off the purchase price - the total amount financed over 36 months is $36,000. (2) Purchase the Jeep today and receive $3,000 cash back - your out of pocket expense today is $33,500 a. If the market interest rate is 5.3% (APR), which option is cheaper? b. How much less expensive is the cheaper option than the more expensive option