Bernie has decided to purchase a new car with a list price of $18,575. Sales tax in Bernie's state is 7.40%, and he will be responsible for a $795 vehicle registration fee and a $110 documentation fee. Bernie plans to trade in his existing car, a 1999 Buick Riviera in good condition, and finance the rest of the cost for five years at an interest rate of 12.77%, compounded monthly. Assuming that the dealer gives Bernie the listed trade-in price for his car, what will his monthly payment be? Round all dollar values to the nearest cent

B. 439.12 is the correct answer.

Question

Kaliyah Arnold

Mathematics

20 September, 22:26

Bernie has decided to purchase a new car with a list price of $18,575. Sales tax in Bernie's state is 7.40%, and he will be responsible for a $795 vehicle registration fee and a $110 documentation fee. Bernie plans to trade in his existing car, a 1999 Buick Riviera in good condition, and finance the rest of the cost for five years at an interest rate of 12.77%, compounded monthly. Assuming that the dealer gives Bernie the listed trade-in price for his car, what will his monthly payment be? Round all dollar values to the nearest cent

B. 439.12 is the correct answer.

+1

Answers (1)

Know the Answer?

Angelina May · Answer 1

18,575 x 7.40% = 1,374.55

18,575 + 1,374.55 = 19,949.55

19,949.55 + 795 + 110 = 20,854.55

20,854.55 divided by 5 = 4,170.91

4,170.91 divided by 12 = 347.58

347.58 x 12.77% = 44.39

347.58 + 44.39 = 391.97

i am assuming that is the answer but since is see that you have 439.12 as an answer im not so sure