The university basketball team needs to buy a van to travel to tournaments. A dealership in Montreal has agreed to the following terms: $3,000 down plus 5 quarterly payments of $6,000 each. A dealership in Brossard will agree to $1,000 down plus 5 quarterly payments of $6,400 each. The local bank is currently charging an annual interest rate of 12 percent for loans. Which is the better deal, and why?

please show all ur calculations.

thanks :)