Suppose that you want to purchase a new truck from a local dealership...
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Suppose that you want to purchase a new truck from a local dealership. The dealership is offering 2.0% financing for 4 years (term= 48 months). They are also offering a $3,000 cash rebate (subtracted from the purchase price) for an externally financed deal. You are able to secure a note from your local bank for the same 4 year term at 3.95% interest up to a maximum purchase amount of $50,000.
At what total purchase price will you have the same monthly payment between these two offers?
Under what circumstances would you choose one over the other?
Thanks in advance
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The expert examines purchasing a new truck from a local dealership.
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