Heather wants to buy a Dodge Viper that she found online. The dealer has offered her the following two options for financing:

Rebate Option: No down payment, a $3,500 rebate, and 9.0% APR.

Low APR Option: $1,500 down and 3.5% APR.

Heather is going to finance the car for 5 years. Calculate the following for each option:

1. Monthly payment

2. Total amount of interest paid over the loan term

Based on the above information, which option should Heather choose? Why?

Detailed calculations required

Vehicle Price $56,845