PLEASE ANSWER THIS ONE:
QUESTION
3. Suppose, you purchased a Lexus GX 460 at 5,968,000
pesos. (a) If the sales tax is 8% of the purchase price, find the
amount of the sales tax. (b) If the car license fee is 2% of the
purchase price, find the amount of the license fee. (c) If you made
1,500,000 pesos down payment, find the amount of the loan that you
need. (d) If you get the loan in part (c) at an annual interest
rate of 7.5% for 4 years, determine the monthly car payment.
***Important note: The attached picture is for guidance
purposes; it is a sample problem to help you solve the
question
above and contains the expected method to be used in solving the
question.
- Please Answer This One Question 3 Suppose You Purchased A Lexus Gx 460 At 5 968 000 Pesos A If The Sales Tax Is 8 1 (155.15 KiB) Viewed 26 times
The stated interest rate for most consumer loans, such as a car loan, is normally the annual percentage rate, APR. The payment amount for these loans is given by the following formula. The payment for a loan based on APR denoted by PMT is given by r n PMT= A ( -nt 1-(1+²) payments where A is the loan amount, r is the annual interest rate, n is the number of per year, and t is the number of years. Example: Suppose, you purchased a Honda City Hatchback at 1,125,000 pesos. (a) If the sales tax is 6.5% of the purchase price, find the amount of the sales tax. (b) If the car license fee is 1.2% of the purchase price, find the amount of the license fee. (c) If you made 200,000 peso down payment, find the amount of the loan that you need. (d) If you get the loan in part (c) at an annual interest rate of 7.5% for 4 years, determine the monthly car payment. Solution: (a) Sales tax = 0.065 (1,125,000) = 73,125 pesos. (b) License Fee = 0.012(1,125,000) = 13,500 pesos. (c) Loan Amount = purchase price + sales tax + license fee - down payment. So, the loan amount that you need is 1,125,000 + 73,125 + 13,500 200,000 1,011,625 pesos. (d) The monthly car payment is computed by determining the PMT. Using the above formula for PMT and a calculator we get 24,459.98167 pesos.