6-64. Your brother has decided to purchase a new automobile with a hybrid-fueled engine and a six-speed transmission. After the trade-in of his present car, the purchase price of the new automobile is $30,000. This balance can be financed by the auto dealership at 2.9% APR and payments over 48 months. Compounding of interest is monthly. Alternatively, he can get a $2,000 discount on the purchase price if he finances the loan balance at an APR of 8.9% over 48 months. Should brother accept the 2.9% financing plan or accept the dealer's offer of a $2,000 rebate with 8.9% financing? (6.6) your

Advanced Engineering Mathematics
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ISBN:9780470458365
Author:Erwin Kreyszig
Publisher:Erwin Kreyszig
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6-64. Your brother has decided to purchase a
new automobile with a hybrid-fueled engine and a
six-speed transmission. After the trade-in of his present
car, the purchase price of the new automobile is $30,000.
This balance can be financed by the auto dealership at
2.9% APR and payments over 48 months. Compounding
of interest is monthly. Alternatively, he can get a $2,000
discount on the purchase price if he finances the loan
balance at an APR of 8.9% over 48 months. Should
your brother accept the 2.9% financing plan or accept the
dealer's offer of a $2,000 rebate with 8.9% financing? (6.6)
Transcribed Image Text:6-64. Your brother has decided to purchase a new automobile with a hybrid-fueled engine and a six-speed transmission. After the trade-in of his present car, the purchase price of the new automobile is $30,000. This balance can be financed by the auto dealership at 2.9% APR and payments over 48 months. Compounding of interest is monthly. Alternatively, he can get a $2,000 discount on the purchase price if he finances the loan balance at an APR of 8.9% over 48 months. Should your brother accept the 2.9% financing plan or accept the dealer's offer of a $2,000 rebate with 8.9% financing? (6.6)
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