Rich buys a car for $22,000 $22,000 and has two options for financing. The dealership offers either financing of 0 0% compounded monthly for 5-years,...

Rich buys a car for $22,000

$22,000 and has two options for financing. The dealership offers either financing of 0

0% compounded monthly for 5-years, or a $5,000

$5,000 cash rebate. If Rich takes the rebate, then he will apply the rebate to the cost of the car and finance the remaining balance with a loan for 5-years at 5.35

5.35% compounded monthly through the Tiger's Credit Union.

(a) What would Rich's monthly payment be if he takes the 5-year 0

0% financing?

Monthly payment for 5-year 0

0% financing = ??

(Note: Your answer should include a dollar sign and be accurate to two decimal places)

(b) What would Rich's monthly payment be if he takes the $5,000

$5,000 rebate?

Monthly payment with $5,000

$5,000 rebate = ??

(Note: Your answer should include a dollar sign and be accurate to two decimal places)

(c) Which of the two options is financially better for Rich? Enter either "1" (for Option 1) if the 0

0% financing is better or enter "2" (for Option 2) if the $5,000

$5,000 rebate is better. (Do not include the quotation marks in your answer.)

Best Option is Option ??

Rich buys a car for $22,000 and has two options for financing. The dealership offers either financing of 0% compounremaining balance with a loan for 5-years at 5.35% compounded monthly through the...