Suppose that you decide to buy a car for $56,000, including taxes and license fees. You saved $13,000 for a down payment. The dealer is offering you a choice petween two incentives. Incentive A is $3000 off the price of the car, followed by a five-year loan at 6.16%. Incentive B does not have a cash rebate, but provides free financing (no interest) over five years. What is the difference in monthly payments between the two offers? Which incentive is the better deal? Use PMT = -nt' The difference in monthly payments between the two offers is $

Algebra and Trigonometry (6th Edition)
6th Edition
ISBN:9780134463216
Author:Robert F. Blitzer
Publisher:Robert F. Blitzer
ChapterP: Prerequisites: Fundamental Concepts Of Algebra
Section: Chapter Questions
Problem 1MCCP: In Exercises 1-25, simplify the given expression or perform the indicated operation (and simplify,...
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Suppose that you decide to buy a car for $56,000, including taxes and license fees. You saved $13,000 for a down payment. The dealer is offering you a choice
between two incentives.
Incentive A is $3000 off the price of the car, followed by a five-year loan at 6.16%.
Incentive B does not have a cash rebate, but provides free financing (no interest) over five years.
What is the difference in monthly payments between the two offers? Which incentive is the better deal? Use PMT =
The difference in monthly payments between the two offers is $
Transcribed Image Text:Suppose that you decide to buy a car for $56,000, including taxes and license fees. You saved $13,000 for a down payment. The dealer is offering you a choice between two incentives. Incentive A is $3000 off the price of the car, followed by a five-year loan at 6.16%. Incentive B does not have a cash rebate, but provides free financing (no interest) over five years. What is the difference in monthly payments between the two offers? Which incentive is the better deal? Use PMT = The difference in monthly payments between the two offers is $
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