You Are in the Process of Purchasing a New Automobile

question 53

Essay

You are in the process of purchasing a new automobile that will cost you $25,000.The dealership is offering you either a $1000 rebate (applied toward the purchase price)or 3.9% financing for 60 months (with payments made at the end of the month).You have been pre-approved for an auto loan through your local credit union at an interest rate of 7.5% for 60 months.Should you take the $1000 rebate and finance through your credit union or forgo the rebate and finance through the dealership at the lower 3.9% APR?

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Definitions:

Tympanic Membrane

The thin layer of tissue that separates the outer ear from the middle ear, commonly referred to as the eardrum.

Cerumen

The scientific term for earwax, a substance produced in the ear canal that protects and lubricates the ears.

Xerostomia

A medical term for dry mouth resulting from reduced or absent saliva flow.

Salivation

The secretion and discharge of saliva by the salivary glands in the mouth, vital for digestion and oral health.