Schmidt Wheels offers financing for a new $25,000 car where you make a $2,000 down payment now and then pay $350 a month for 6 years. Don's Auto nearby offers you the same car for $22,500 or $2,500 off. If the relevant interest rate is 6 percent compounded monthly which dealer is offering you a better deal? What if the interest rate is 10 percent per year?

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