You are purchasing a new car for $27,600.  The dealership offers you three options: 0% financing: 0 down and 0% financing for 48 months. Rebate: 0 down.  If you choose the rebate, you will need to secure a loan for the balance at your local bank. Down payment: Make a down payment of 5% or more and get financing at 1.5% compounded monthly for 48 months. Suppose you make a down payment of 6% of $27,600 and finance the rest at 1.5% compounded monthly for 48 months.  How much interest do you pay over the life of the loan?  $                     .  Round to the nearest dollar.

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