Question: -11 POINTS CRAUDQL3 4.2.0288. MY NOTES | ASK YOUR TEACHER When Interest rates are low, some automobile dealers offer loans at 04 APR, as indicated

-11 POINTS CRAUDQL3 4.2.0288. MY NOTES | ASK YOUR TEACHER When Interest rates are low, some automobile dealers offer loans at 04 APR, as indicated in a 2016 advertisement by a prominent car dealership, offering zero percent financing or cashback deals on some models Zero percent financing means the obvious thing--that no interest is being charged on the loan. So if we borrow $1,200 at 0% interest and pay it off over 12 months, our monthly payment will be $1,200/12 - $100. Suppose you are buying a new truck at a price of $29,000. You plan to finance your purchase with a loan you will repay over two years. The dealer offers two options: either dealer financing with 0% Interest, or a $2,900 rebate on the purchase price. If you take the rebate, you will have to go to the local bank for a loan (of 526,100) at an APR of 6.5% What would your monthly payment bei you took the rebate (Round your answer to the nearest cent.)

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