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Car City Motors Ltd. in Happy Valley (Hong Kong) is offering free credit on a new $10,000 car. You pay $1,000 down and then $300

Car City Motors Ltd. in Happy Valley (Hong Kong) is offering free credit on a new $10,000 car. You pay $1,000 down and then $300 a month for the next 30 months. Wai Cheong Motors Ltd. in Wan Chai does not offer free credit but will give you $1,000 off the list price. If the interest rate is 10 percent a year, which company is offering the better deal?

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