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Anuta_ua [19.1K]
3 years ago
14

You have decided to purchase a car for $25,625. The credit union requires a 10% down payment and will finance the balance

Mathematics
2 answers:
katrin2010 [14]3 years ago
5 0

Answer

c. $27,722.01

I just took the test :)

swat323 years ago
4 0

Answer:

Total purchase = $28498.685

In cent = 2849868.5 cent.

Step-by-step explanation:

Given : You have decided to purchase a car for 175.13.

To find : What is the total purchase price of the car including tax, license, and title?

Solution :

Price of car = $25,625

Sales tax = 7.5% = 0.075

The total purchase price of the car including tax is

T=25625\times 0.075=\$1921.875T=25625×0.075=$1921.875

Title charges are $175.13.

The credit union requires a 10% down payment and will finance the balance with a 9% annual interest loan for 36 months.

10% down payment on price of car

25625\times 0.10=2562.525625×0.10=2562.5

25625-2562.5=23062.525625−2562.5=23062.5

The amount will be $23062.5

Now, we find the monthly payment,

Monthly payment, M=\frac{\text{Amount}}{\text{Discount factor}}M=

Discount factor

Amount

​

Discount factor D=\frac{1-(1+i)^{-n}}{i}D=

i

1−(1+i)

−n

​

Rate = 9%=0.09

i=\frac{0.09}{12}=0.0075i=

12

0.09

​

=0.0075

Time n=36 month

Now, put all the values we get,

D=\frac{1-(1+i)^{-n}}{i}D=

i

1−(1+i)

−n

​

D=\frac{1-(1+0.0075)^{-36}}{0.0075}D=

0.0075

1−(1+0.0075)

−36

​

D=\frac{1-(1.0075)^{-36}}{0.0075}D=

0.0075

1−(1.0075)

−36

​

D=\frac{0.2358}{0.0075}D=

0.0075

0.2358

​

D=31.44D=31.44

Monthly payment, M=\frac{\text{Amount}}{\text{Discount factor}}M=

Discount factor

Amount

​

M=\frac{23062.5}{31.44}M=

31.44

23062.5

​

M=733.38M=733.38

Monthly payment is $733.38

For 36 months the payment is 733.38\times 36=26401.68733.38×36=26401.68

Licence = $26401.68

The total purchase price of the car including tax, license, and title

Total purchase = 1921.875 +1921.875+175.13 +$26401.68

Total purchase = $28498.685

1 dollar = 100 cent

$28498.685 = 2849868.5 cent.

Step-by-step explanation:

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