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Dexron II, III and some Mercons are close enough in fluid requirements and additives that they can meet both with a single ATF. Mercon V requires at least semi-synthetic.
I've seen DIII/Mercon for less than $5 a gallon. While oil and other lubricants aren't always "you get what you pay for", I would recommend you at least spring for a brand name.
If you want to research ATF on the web, go to each companies site and look for the Brookfield Viscosity value at -40C. A lower number generally indicates a higher quality base stock. For example to be called Dexron II it must have a value of 50,000, Dexron III 20,000. Mobil 1 has a value (if I remember correctly) between 5,000 and 6,000.
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