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Derek decides to buy a new car. The dealership offers him a choice of paying...

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Finance

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Derek decides to buy a new car. The dealership offers him a choice of paying $564.00 per month for 5 years with the first payment due next month) or paying some $28,384.00 today. He can borrow money from his bank to buy the car. What interest rate makes him indifferent between the two options? Submit Answer format: Percentage Round to: 3 decimal places (Example: 9.243%, % sign required. Will accept decimal format rounded to 5 decimal places (ex: 0.09243)) Derek wants to withdraw $14,960.00 from his account 8.00 years from today and $13,990.00 from his account 13.00 years from today. He currently has $3,775.00 in the account. How much must he deposit each year for the next 13.0 years? Assume a 5.82% interest rate. His account must equal zero by year 13.0 but may be negative prior to that. Submit Answer format: Currency: Round to: 2 decimal places

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