Question: I don't know what formula to use step by step You are considering buying a car for $22,000. You can purchase the car with a

I don't know what formula to use step by step

You are considering buying a car for $22,000. You can purchase the car with a 60 month loan at an APR of 7% with $2,500 cash back, or you can get a loan for 60 months at an APR of 3% with no cash back. Which is the better deal? Assume you put the cash back in the first option as a down payment for the loan. Round all answers to 2 decimal places. Payments for the cash back option $ Number Payments for the no cash back option $ Number Which is the better deal? Note that the better deal is the one whose total of all payments is the least. Cash Back Option O No Cash Back Option

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