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A car company is offering a choice of deals. You can receive $1,500 cash back on the purchase or a 3.1 percent APR, 5-year loan.

A car company is offering a choice of deals. You can receive $1,500 cash back on the purchase or a 3.1 percent APR, 5-year loan. The price of the car is $15,500 and you could obtain a 5-year loan from your credit union, at 7.1 percent APR. Which deal is cheaper?

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