Mathematics, 03.11.2019 06:31 lorenzomendi1011

You have decided to purchase a car for $25,625. 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 7.5%, and the license and title charges are $175.13. what is the total purchase price of the car including tax, license, and title? round your answer to the nearest cent.

Answers: 3

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Answer from: SmokeyRN

Total purchase = $28498.685

In cent = 2849868.5 cent.

Step-by-step explanation:

Given : You have decided to purchase a car for $25,625. 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 7.5%, and the license and title charges are $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

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

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

$25625\times 0.10=2562.5$

25625-2562.5=23062.5

The amount will be $23062.5

Now, we find the monthly payment,

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

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

Rate = 9%=0.09

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

Time n=36 month

Now, put all the values we get,

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

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

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

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

D=31.44

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

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

M=733.38

Monthly payment is $733.38

For 36 months the payment is $733.38\times 36=26401.68$

Licence = $26401.68

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

Total purchase = $1921.875 + $175.13 +$26401.68

Total purchase = $28498.685

1 dollar = 100 cent

$28498.685 = 2849868.5 cent.

Answer from: Quest

answer:

payment just for service

→

87.12

payment for service including tax

→

94.09

explanation:

service only with 20% tip

→

72.6

(

100

)

87.12

in the opening of the question the word 'service' is associated only with the pretax value.

the closing part of the question asks: how much did she pay for the

service

−−−−−−

so technically the answer is

→

72.6

(

100

)

87.12

however, the intention of the question provider may have been that your answer is to be

87.12

(

100

)

94.09

to 2 decimal places.

payment just for service

→

87.12

payment for service including tax

→

94.09

tony b

mar 21, 2017

answer:

trying to explain it another way

explanation:

service charge

→

72.60

20% tip

100

72.60

14.52

−−−−−−

←

add

87.12

tax

100

87.12

6.97

−−−−−

←

add

94.09

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