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You are purchasing a new car for $27,600. The dealership offers you three options: - 0% financing: 0 down and 0% financing for 48 months.
You are purchasing a new car for $27,600. The dealership offers you three options: - 0\% financing: 0 down and 0% financing for 48 months. - Rebate: 0 down. If you choose the rebate, you will need to secure a loan for the balance at your local bank. - Down payment: Make a down payment of 5% or more and get financing at 1.5% compounded monthly for 48 months. You want to make monthly payments of $457, but you don't want a car loan over your head for more than 48 months, so you decide to go with the down payment option. How much of a down payment do you need to make? $ Round to the nearest dollar
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