Rose bought a car for $19,400, but she received $1250 cash back. She will
make monthly payments at a 3.6% APR, compounded monthly, for 48 months. Use
this information to answer the following three questions.
1.
What will Rose's monthly
payment be?
2.
What would Rose's monthly
payment have been if she hadn't
received the cash back?
3.
Approximately how much money did Rose save by receiving the cash back?