Question
A car company is offering a choice of deals. You can receive $500 cash back on the purchase or a 3 percent APR, 4-year loan.
A car company is offering a choice of deals. You can receive $500 cash back on the purchase or a 3 percent APR, 4-year loan. The price of the car is $15,000 and you could obtain a 4-year loan from your credit union, at 6 percent APR. Which deal is cheaper? 3 percent APR offer $500 cash back offer
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Fundamentals of Financial Management
Authors: Eugene F. Brigham, Joel F. Houston
12th edition
978-0324597714, 324597711, 324597703, 978-8131518571, 8131518574, 978-0324597707
