You are buying a car that cost $30,814. You have no money to put down. You...

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You are buying a car that cost $30,814. You have no money to put down. You can either: 1. Get a rebate of $1,214 and finance the rest of the cost of the car ($30,814 - $1,214) at an interest rate of 5.77% over 7 years, 2. Or you can forgo the discount and finance the car (all $30,814) over 7 years at 0.00% interest. Calculate the monthly payment for the car using both options, and enter the lowest monthly payment in the box below (use dollars and cents). You are buying a car that cost $30,814. You have no money to put down. You can either: 1. Get a rebate of $1,214 and finance the rest of the cost of the car ($30,814 - $1,214) at an interest rate of 5.77% over 7 years, 2. Or you can forgo the discount and finance the car (all $30,814) over 7 years at 0.00% interest. Calculate the monthly payment for the car using both options, and enter the lowest monthly payment in the box below (use dollars and cents).

Answer rating: 100% (QA)

Monthly payment for Option 1 42916 Mo... View the full answer