1. Pete has negotiated a price for a new car at $25,000 on a model that carries a choice of a $2000 rebate or financing at 2% APR from the dealer. The dealer loan would require a $1000 down payment and a monthly payment of $525 a month for 48 months. Pete had arranged for a loan from his bank at 5% APR. Use the run the numbers worksheet on page 240 to advise Pete about whether he should take the rebate, use the dealer financing, or use the financing from his bank. This problem you should take into consideration the $2000 rebate, the dealer financing and the bank financing.