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?© BrainMass Inc. brainmass.com December 16, 2022, 8:00 am ad1c9bdddf
This solution illustrates how to compare the financing options for a consumer loan.