You want to buy a car thats currently priced at $25,390. The price of the car in one year will be $23,597 since it will be last years model. You currently dont have anything in your bank account. Consequently, if you buy the car today you will borrow $25,390 from your parents who will charge you 2.01% APR compounded monthly. You will repay the entire loan balance in one year if you decide to buy the car today.

How much will you save (viewed as of one year from now) if you wait to buy the car?