You are in the process of purchasing a new automobile that will cost you $27,500. The dealership is offering you either a $2500 rebate (applied toward the purchase price) or 1.15% financing for 48 months (with payments made at the end of the month). You have been pre-approved for an auto loan through your local credit union at an interest rate of 6.5% for 48 months.

You can either take the $2500 rebate and finance your new car through your credit union or you can forgo the $2500 rebate and finance your new car through the dealership. The rates are APR with monthly compounding. Which is the lowest monthly payment you can get:

Group of answer choices

$590

$593

$575

$586