Assume the car can be purchased for 0% down for 60 months (in lieu of rebate). A BMW that has a sticker price of $62,470 with factory and dealer rebates of $6,000. Hint: See Section 11.2, Example 5...

A BMW that has a sticker price of $62,470 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.