Please Provide all formulas used. My course requires the use of formulas even when they are not needed or there is a quicker way. Thanks! The question is asking which of the two ways of purchasing the vehicle will cost less in the end.

PROTECTED VIEW Be carefulfiles from the Internet can contain viruses. Unless you need to edit, it's safer to stay in Protected View. CE X LO Paste Calibri (Body) 11 B I U ab x, x A A LA Aa A A . Paragraph Styles Editing Dictate Sensitivity Editor C12 Reuse Files A E F. G . I. Undo Clipboard Font Styles Voice Sensitivity Editor Reuse Files B C D BUYING A NEW CAR 32,000 2. You're considering buying a new car. The cars list price is $32,000. The dealer has offered you two alternatives for purchasing the car: (10 points) . You can buy the car for $29,000 in cash and get a $3,000 discount in the bargain. Assuming that you have no cash, if you decide to choose this option, you will borrow $29,000 from your bank. Your local bank is willing to give you a car loan at an annual interest rate of 8.2%, compounded monthly (that is, 8.2%/12 per month). You can buy the car for the list of $32,000. In this case, the dealer is willing to take $10,000 as an initial payment. The remainder of the $22,000 is a "zero-interest loan" to be paid back in equal installments over 48 months. 2 Cost of car 3 4 5 6 7 8 9 10 11 12 13 14 15 16 17 18 19 20 Decide how to finance the car: take the bank loan so you can pay cash to the dealer or take the zero-interest loan with the dealer