You have decided to purchase a car for $19,000. the credit union requires a 10% down payment and will finance the balance with a 9% annual interest loan for 36 months. the sales tax in your city is 8.3%, and the license and title charges are $75. what is the total purchase price of the car including tax, license, and title?

Total purchase price = $26,439.72

Step-by-step explanation:

Given is the Price of Car = $19,000.

Given is the Sales Tax = 8.3% of car's price = 8.3% of 19000 = $1,577.

Given is the License and title charges = $75.

Total cost of car = Car's price + Sales tax + License and title charges.

Total cost of car = 19000 + 1577 + 75 = $20,652

The company requires 10% down payment, so down payment = 10% of car's price = 10% of 19000 = $1,900.

Loan Principal = Total cost of car - Down payment

Loan Principal, P = 20652 - 1900 = $18,752.

Given is the interest rate, R = 9% APR = 0.09/12 = 0.0075

Given is the loan time period, T = 36 months.

So, Total amount paid for loan, A = 18752*(1+0.0075)³⁶

A = 18752*(1.0075)³⁶ = 18752*(1.308645371) = $24,539.72

Total purchase price = Down payment + Total amount paid for loan.

Total purchase price = 1900 + 24539.72

Total purchase price = $26,439.72

you could deduce the conclusion directly using the facts pertaining to the specific situation.

hope this .