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

b.

$24,169.60

Explanation:

hope it helps :)

Answer 2

(b)
`\$24,169.60`

Explanation:

Given: Cost of car is
`\$22,346.16`

Sales tax is
`7.6\%`

The license and title charges are
`\$125.13`

To find: The amount that the credit union will finance.

Solution:

We have,

Cost of car
`=\$22,346.16`

Sales tax is
`7.6\%` of
`\$22,346.16`

Therefore,

sales tax
`=(7.6)/(100)*22,346.16=\$1698.31`

The license and title charges
`=\$125.13`

Now, the amount that the credit union will finance is

cost of car
`+`sales tax
`+`the license and title charges

`=\$22346.16+\$1698.31+\$125.13`

`=\$24,169.60`

Hence, the amount that the credit union will finance is
`\$24,169.60`.

So, (b)
`\$24,169.60` is correct.