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You have $4,000 down payment on a $25,000 car. The dealer offers you the following...

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You have $4,000 down payment on a $25,000 car. The dealer offers you the following two options: (a) paying the balance with end-of-month payments over the next five years at i(12) = 6%. (b) a reduction of $1000 in the price of the car, the same down payment of $4,000, and bank financing of the balance after down payment, over 5 years with end-of-month payments at i(12) = 8% Which option is better and why

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