Problem 5-29 Annuities (LO3) You can buy a car that is advertised for $26,400 on the following terms: (a) pay $26,400 and receive a $6,400 rebate from the manufacturer; (b) pay $440 a month for 5 years for total payments of $26,400, implying zero percent financing. a. Calculate the present value of the payments for option (a) if the interest rate is 1.25% per month. Present value 20,000 b. Calculate the present value of the payments for option (b) if the interest rate is 1.25% per month. (Do not round intermediate calculations. Round your answer to 2 decimal places.) Present value c. Which is the better deal? O Option a O Option b