You are planning to buy a new car and have been offered two financing options. Option A
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Question:
You are planning to buy a new car and have been offered two financing options. Option A has an interest rate of 4% per year with monthly payments of $400 for 48 months. Option B has an interest rate of 3% per year with monthly payments of $450 for 36 months. Which financing option should you choose based on the lower total cost?
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