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1. According to Table 7.1, how much should be budgeted per year if a compact car is driven 12,000 miles a year? Round to the nearest dollar. 2. A car has an invoice price of $26,600. If the sticker price is marked up 21%, what is the sticker price? Marcus has agreed to purchase a new car for $28,400 with a 15% down payment. He will finance the balance at 8%(12) for 5 years. His state has no sales tax. 3. How much does he need for the down payment?

1. According to Table 7.1, how much should be budgeted per year if a compact car is driven 12,000 miles a year? Round to the nearest dollar. 2. A car has an invoice price of $26,600. If the sticker price is marked up 21%, what is the sticker price? Marcus has agreed to purchase a new car for $28,400 with a 15% down payment. He will finance the balance at 8%(12) for 5 years. His state has no sales tax. 3. How much does he need for the down payment?

Essentials Of Investments
Essentials Of Investments
11th Edition
ISBN:9781260013924
Author:Bodie, Zvi, Kane, Alex, MARCUS, Alan J.
Publisher:Bodie, Zvi, Kane, Alex, MARCUS, Alan J.
Chapter1: Investments: Background And Issues
Section: Chapter Questions
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Consumer Math 1. According to Table 7.1, how much should be budgeted per year if a compact car is driven 12,000 miles a year? Round to the nearest dollar. 2. A car has an invoice price of $26,600. If the sticker price is marked up 21%, what is the sticker price? Marcus has agreed to purchase a new car for $28,400 with a 15% down payment. He will finance the balance at 8%(12) for 5 years. His state has no sales tax. 3. How much does he need for the down payment? 4. How much is his monthly payment? 5. Marcus has a savings account that pays 5.5%(12), If he had saved $216 a month for the past 3 years, how much would he have to put toward the cost of the car? *6. For the following vehicle, find the amount to be financed and the monthly payment. The sales tax, title, registration and fees will be financed. Sticker price: $30,440 Discount offer: 6% Trade-in: $6000 Title, registration and fees: $125 State sales tax: 5% Finance charge: 6.4%(12) for 5 years Finance Formulas Savings-payment beginning of period Loans-payment end of period Amount saved for $R Payment per period Amount borrowed for to save $S Payment per period to borrow $A, per period $R per period i R = A 1– (1 + i)" (1+i)" - 1 – (1 + i)" S. = R R = ST1 + i)" – 1 A = R Table 7.1 Costs Per Mile of Owning and Operating an Automobile Size Total costs per mile Compact 37.8¢ Midsize/minivan 45.3¢ Full-size 64.7¢ Pickups, vans, and SUVS 50.3¢ Reproduction prohibited.
Transcribed Image Text:Consumer Math 1. According to Table 7.1, how much should be budgeted per year if a compact car is driven 12,000 miles a year? Round to the nearest dollar. 2. A car has an invoice price of $26,600. If the sticker price is marked up 21%, what is the sticker price? Marcus has agreed to purchase a new car for $28,400 with a 15% down payment. He will finance the balance at 8%(12) for 5 years. His state has no sales tax. 3. How much does he need for the down payment? 4. How much is his monthly payment? 5. Marcus has a savings account that pays 5.5%(12), If he had saved $216 a month for the past 3 years, how much would he have to put toward the cost of the car? *6. For the following vehicle, find the amount to be financed and the monthly payment. The sales tax, title, registration and fees will be financed. Sticker price: $30,440 Discount offer: 6% Trade-in: $6000 Title, registration and fees: $125 State sales tax: 5% Finance charge: 6.4%(12) for 5 years Finance Formulas Savings-payment beginning of period Loans-payment end of period Amount saved for $R Payment per period Amount borrowed for to save $S Payment per period to borrow $A, per period $R per period i R = A 1– (1 + i)" (1+i)" - 1 – (1 + i)" S. = R R = ST1 + i)" – 1 A = R Table 7.1 Costs Per Mile of Owning and Operating an Automobile Size Total costs per mile Compact 37.8¢ Midsize/minivan 45.3¢ Full-size 64.7¢ Pickups, vans, and SUVS 50.3¢ Reproduction prohibited.
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