Question: Rich buys a car for $ 3 4 , 0 0 0 and has two options for financing. The dealership offers either financing of 0

Rich buys a car for $34,000 and has two options for financing. The dealership offers either financing of 0% compounded monthly for 5-years, or a $5000 cash rebate. If Rich takes the rebate, then he will apply the rebate to the cost of the car and finance the remaining balance with a loan for 5-years at 5.05% compounded monthly through the Tiger Crediit Union.
(b) What would Rich's Monthly payment be if he takes the $5000 rebate?

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