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Financing Options for a Truck Purchase

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7. (TCO C) Greg has negotiated a $20,000 price on a new pick-up truck. The manufacturer is offering a $1,500 rebate or 3.9 percent, three-year financing. Greg is also able to get 7 percent, three-year financing at his credit union. If Greg plans to finance $18,000 over three years, should he take the rebate or the 3.9 percent financing?

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Solution Summary

This solution illustrates how to compare the financing options for a consumer loan.

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