A car company is offering a choice of deals. You can receive $500 cash back on the

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A car company is offering a choice of deals. You can receive $500 cash back on the purchase, or a 3 percent APR, 4-year loan. The price of the car is $15,000 and you could obtain a 4-year loan from your credit union, at 6 percent APR. Which deal is cheaper?

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Finance Applications and Theory

ISBN: 978-0077861681

3rd edition

Authors: Marcia Cornett, Troy Adair

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