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.

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

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

The amount will be $23062.5

Now, we find the monthly payment,

Monthly payment,  

Discount factor  

Rate = 9%=0.09

Time n=36 month

Now, put all the values we get,  

Monthly payment,  

Monthly payment is $733.38

For 36 months the payment is

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.

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