Kangaroo Autos is offering free credit on a new $10,000 car. You pay $1000 down and then $300 a month for the next 30 months. Turtle Motors next door does not offer free credit but will give you $1000 off the list price. If the rate of interest is 11 percent a year, which company is offering the better deal? Calculate the present value of payments. FVIFr.t = (1+r) FVIFA,,n= (1+r)-1 r 1 1 (1+r)" 1 PVIF rt= (1+r)t PVIFAr,n= r