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What is the amount of cash rebate can the customer receive

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Problem 1: The original sale price of a car is $22,194.96. The required down payment is $1,410. What is the monthly payment if the customer can apply for a 3-year auto loan with a promotional financing rate at 2.99%?

Problem 2: Based on the information from Q1, if a customer decides to skip the 2.99% financing promotion loan but take the cash rebate offer, how much cash does the customer need to pay to buy the new car? We assume that regular market interest rate for auto loan is 6%.

Problem 3: Based on the information from Q1 and Q2, what's the amount of cash rebate can the customer receive from the dealer if he decides to pay for the car with all cash instead of applying for the auto loan with the 2.99% low interest rate?

Reference no: EM132647408

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