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You want to purchase an automobile for $23,500. The dealer offers you a $1,000 rebate and 2.5% financing compound monthly for 60 months. You can

You want to purchase an automobile for $23,500.

The dealer offers you a $1,000 rebate and 2.5% financing compound monthly for 60 months. You can obtain 1.5% financing compound monthly for 60 months at the local bank. find the monthly payment for each option.

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