Question

You have decided to purchase a car for $22,346. 16. The credit union requires a 10% down payment and will finance the balance with a 5. 4% annual interest loan for 36 months. The sales tax in your city is 7. 6%, and the license and title charges are $125. 13. Determine the amount that the credit union will finance you for. Round your answer to the nearest cent. A. $24,179. 10 c. $21,761. 20 b. $24,169. 60 d. $21,752. 64.

Answer 1

The amount that the credit union will finance is $24169.60

We have given that the cost of the car is $22,346. 16

and the credit union required 10% down payment

and sale tax=7.6%

The license and title charges are $125. 13.

We have to determine that the  amount that the credit union will

finance Now  we have sale tax 7.6% for $22,346. 16

Therefore, we get

$\frac{7.6}{100} \times 22,346. 16=1698.31$

What is the amount that the credit union finance ?

credit union finance=cost of car+sales tax+the license and title  charges.

$=22346.16+1698.31+12.13\\=24169.60$

Therefore, the amount that the credit union will finance is $24169.60

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