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Mason found a new car deal for $22,800. Your local bank offers you a 60-monthly payment car loan of $22,800 at a 9 percent annual
Mason found a new car deal for $22,800. Your local bank offers you a 60-monthly payment car loan of $22,800 at a 9 percent annual rate. A local dealership offers you a $498 monthly payment for 5 years with no money down. Given 9 percent is the discount rate, Mason should choose the local dealership to purchase this car.
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