You plan to buy a Honda car which currently costs $22,000. The car dealer offers the following two options: you can either borrow the entire amount at low interest rate of 1.99% per year compounded monthly for 36 months or get a cash rebate of $1,200 and borrow at 4.99% per year compounded monthly for 36 months. Which option is better for you?

Lower interest rate since monthly payment is $623

Lower interest rate since monthly payment is $630

Cash rebate rate since monthly payment is $623

Cash rebate rate since monthly payment is $635