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A car company is offering a choice of deals. You can receive $2,000 cash back on the purchase, or a 0 percent APR, 4-year loan.

A car company is offering a choice of deals. You can receive $2,000 cash back on the purchase, or a 0 percent APR, 4-year loan. The price of the car is $20,000 and you could obtain a 4-year loan from your credit union, at 7 percent APR. Which deal is cheaper? Why?

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