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Stated price for the car

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Suppose Honda is offering "36-month 1.5% APR" financing or "$2000 cash back" on a car for college students. The stated price for the car is $23,000. You can borrow the cash to buy the car from your bank at 8.0% APR. Which offer is better? (*hint: try to compare the monthly payment of each deal )

Reference no: EM131701698

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