Question
(Nonannual compounding using a calculator) Ford's current incentives for customers looking to buy a Mustang include either financing at an APR of 3.13.1 percent compounded
(Nonannual compounding using a calculator) Ford's current incentives for customers looking to buy a Mustang include either financing at an APR of 3.13.1 percent compounded monthly for 3636 months or $ 1 comma 000$1,000 cash back. Let's assume Suzie Student wants to buy the premium Mustang convertible, which costs $ 30 comma 000$30,000, and she has no down payment other than the cash back from Ford. If she chooses the $1 comma 0001,000 cash back, Suzie can borrow from the VTech Credit Union at an APR of 5.15.1 percent compounded monthly for 3636 months. What will Suzie Student's monthly payment be under each option? Which option should she choose?\ Question content area bottom\ Part 1\ a. If Suzie chooses 3.13.1 percent financing for 3636 months to buy the premium Mustang convertible, which costs $30 comma 00030,000, what will her monthly payment be? \ $enter your response here (Round to the nearest cent.)\
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