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Rich buys a car for $ 3 4 , 0 0 0 and has two options for financing. The dealership offers either financing of 0
Rich buys a car for $ and has two options for financing. The dealership offers either financing of compounded monthly for years, or a $ cash rebate. If Rich takes the rebate, then he will apply the rebate to the cost of the car and finance the remaining balance with a loan for years at compounded monthly through the Tiger Crediit Union.
b What would Rich's Monthly payment be if he takes the $ rebate?
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