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Parker has two options for buying a car. Option A is 1.1% APR financing over 48 months and Option B is 5.1% APR over 48
Parker has two options for buying a car. Option A is 1.1% APR financing over 48 months and Option B is 5.1% APR over 48 months with $2700 cash back, which he would use as part of the down payment. The price of the car is $37,098 and Parker has saved $3700 for the down payment. Find the total amount Parker will spend on the car for each option if he plans to make monthly payments. Round your answers to the nearest cent, if necessary.
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