To buy a minivan you can pay $12,500 cash or put down $5000 and make 24 monthly payments of $698.05.

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To buy a minivan you can pay $12,500 cash or put down $5000 and make 24 monthly payments of $698.05. How much would you save by paying cash?

Calculate the total amount with payments:
Total Amount with payments = Payment Amount * Total Payments
Total Amount with payments = $698.05 * 24
Total Amount with payments = $16,753.20

Calculate the total amount saved by paying cash:
Savings by paying cash = Total Amount with payments - Cash Payment
Savings by paying cash = $16,753.20 - $12,500
Savings by paying cash = $4,253.20