Question: In a recent year, Ford was offering the choice of a 1.9% loan for 36 months or $1000 cash back on the purchase of a

In a recent year, Ford was offering the choice of a 1.9% loan for 36 months or $1000 cash back on the purchase of a $28,000 Taurus.
(a) If you take the 1.9% loan offer, how much will your monthly payment be?
(b) If you take the $1000 cash-back offer and can borrow money from your local bank at 6% interest compounded monthly for 3 years, how much will your monthly payment be?
(c) Which of the two offers is more favorable for you?

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