You are in the market for a new boat (pictured above) from Johns Marine. After trade in of your old boat, the purchase price of your new boat is $32,125. There are two options to pay for it. This can be financed by your local bank at 3.2% APR with payments over the next 4 years or you can get an additional $3,000 discount off the purchase price if you finance the loan with Johns Marine at an APR of 8.0% over the same 4-year period. Should you take the offer of 3.2% APR for 4 years from the local bank or the $3,000 rebate and 8.5% APR from Johns Marine? Both APRs are compounded monthly.