Question: Please provide thorough explanation. If possible, please type or ensure response is legible. 5. A car dealer gives you 2 options to buy a $50,000

Please provide thorough explanation. If possible, please type or ensure response

Please provide thorough explanation. If possible, please type or ensure response is legible.

is legible. 5. A car dealer gives you 2 options to buy

5. A car dealer gives you 2 options to buy a $50,000 new car. Option 1 is no money down, but pay back in equal monthly installments for 5 years at 0% interest. The second option is to pay cash for the car and get a $6895 rebate. What is the IRR of the payment option

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