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Kangaroo Autos is offering free credit on a new $ 1 0 , 0 0 0 car. You pay $ 1 0 0 0 down

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.
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