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(Solved): In August 2008 , a car manufacturing company was offering the choice of a 3.2% loan for 36 months, ...



In August 2008 , a car manufacturing company was offering the choice of a \( 3.2 \% \) loan for 36 months, or \( \$ 5000 \) c

In August 2008 , a car manufacturing company was offering the choice of a loan for 36 months, or cash back on the purchase of a car. (a) If someone took the loan offer, how much will the monthly payment be? (b) If someone took the cash-back offer and can borrow money from their local credit union at interest compounded monthly for three years, how much will the monthly payment be? (c) Which of the two offers is more favorable? (a) The monthly payment someone would pay for the loan offer would be (Round to the nearest cent as needed.)


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Given that a car manufacturing company was offering the choice of a 3.2% loan for 36months , or$5,000 cashback on the purchase of a $26,666 car.(a) If
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