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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's Credit Union. a What would Rich's monthly payment be if he takes the year financing? Monthly payment for year financing Note: Your answer should include a dollar sign and be accurate to two decimal placesb What would Rich's monthly payment be if he takes the $ rebate? Monthly payment with $ rebate Note: Your answer should include a dollar sign and be accurate to two decimal placesc Which of the two options is financially better for Rich? Enter either for Option if the financing is better or enter for Option if the $ rebate is better. Do not include the quotation marks in your answer. Best Option is Option
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