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.

Use this information to answer questions 3-6 below.

Use the Buying a Car information above to answer this question.

You want to make monthly payments of $499, 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.