SOLVE FOR: 1-A , the present value

E9-17 (Algo) Computing a Present Value Involving an Annuity and a Single Payment LO 9-7 You have decided to buy a used car. The dealer has offered you two options: (FV of $1,PV of $1, FVA of $1, and Note: Use the appropriate factor(s) from the tables provided. a. Pay $560 per month for 20 months and an additional $12,000 at the end of 20 months. The dealer is charging an annual interest rate of 24 percent. b. Make a one-time payment of $15,882, due when you purchase the car. Required: 1-a. Determine how much cash the dealer would charge in option (a). Note: Round your intermediate calculations and final answer to 2 decimal places. 1-b. In present value terms, which offer is a better deal