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26 October, 10:09

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?

a.

$19,075.00

c.

$20,652.00

b.

$18,594.30

d.

$20,577.00

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Answers (1)
  1. 26 October, 10:24
    0
    Purchase price: 19, 000

    Sales Tax:

    8.3% x 19,000 = 1,577

    License and title: 75

    Total: 20,652

    The total purchase is C) 20,652

    The interest on the loan is the cost of financing the purchase, but is not included in the purchase price.
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