Assume the car can be purchased for 0 down for 60 months in

Last updated: 6/5/2023

Assume the car can be purchased for 0 down for 60 months in lieu of rebate A BMW that has a sticker price of 62 420 with factory and dealer rebates of 6 000 Hint See Section 11 2 Example 5 a Find the monthly payment if financed for 60 months at 0 APR Round your answer to the nearest cent b Find the monthly payment if financed at 2 5 add on interest for 60 months Round your answer to the nearest cent c Use the APR approximation formula to find the APR for part b Round your answer to one decimal place d State whether the 0 APR or the 2 5 add on rate should be preferred