Question: You are given two mutually exclusive options from the dealer on a $24,000 car: (i) $ 1,500 cash rebate or (ii) a 36-month low-rate loan

You are given two mutually exclusive options from the dealer on a $24,000 car: (i) $ 1,500 cash rebate or (ii) a 36-month low-rate loan at 0.6% APR. The prevailing APR on a 36-month auto loan from a typical bank is 3.6%. Which option is a better deal?

Please note that the answer to (i) is $660.29. Please show work on how to get this answer and how to get (ii).

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