The Tesla electric car model 3 starting price is $47,000. As a promotion the dealer is providing

0% financing (i.e. 0% interest rate) on a loan over 5 years. What is the annual fixed payment

on the loan? Explain, working from fundamentals. The dealer will sell the car for less than $47,000, if you give those cash now. You dont have any cash but can borrow from the bankat an effective interest rate of 4.5%. Find the (threshold) car price, below which you are better off borrowing from the bank and paying the dealer cash? (For this calculate to the nearest 1/10 of a dollar.)