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Which option is cheaper and how much do save

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You have decided to buy a car, the price of the car is $18,000. The car dealer presents you with two choices:

(A) Purchase the car for cash and receive $2000 instant cash rebate - your out of pocket expense is $16,000 today.

(B) Purchase the car for $18,000 with zero percent interest 36-month loan with monthly payments. Market interest rate is 4%.

Problem 1: Which option above is cheaper? How much do you save?

Reference no: EM132678484

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