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You are considering a purchase of a car that is for sale for $10,999 at a local dealer. The dealer is offering five (5%) percent

You are considering a purchase of a car that is for sale for $10,999 at a local dealer. The dealer is offering five (5%) percent APR (Annual Percentage Rate) financing or a $500 rebate. Terms of the loan are 5% APR for 36 months. Local banks are making 10% loans for cars. Which one should you choose?

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