Terry Has Just Purchased A New Car With A List Price Of $ 16 , 825 \$16,825 $16 , 825 . She Paid A 7.19 % 7.19\% 7.19% Sales Tax, A $ 1 , 128 \$1,128 $1 , 128 Vehicle Registration Fee, And A $ 190 \$190 $190 Documentation Fee. Terry Traded In Her Previous Vehicle, A 2003
Introduction
Terry has just purchased a new car with a list price of . She paid a sales tax, a vehicle registration fee, and a documentation fee. In this article, we will calculate the total cost of Terry's car purchase, taking into account the trade-in value of her previous vehicle.
Calculating the Sales Tax
The sales tax is calculated as a percentage of the list price of the car. In this case, the sales tax is of . To calculate the sales tax, we can multiply the list price by the sales tax rate.
Sales Tax = List Price \times Sales Tax Rate
Sales Tax = \$16,825 \times 0.0719
Sales Tax = \$1,212.19
Calculating the Total Cost
The total cost of the car purchase is the sum of the list price, sales tax, vehicle registration fee, and documentation fee.
Total Cost = List Price + Sales Tax + Vehicle Registration Fee + Documentation Fee
Total Cost = \$16,825 + \$1,212.19 + \$1,128 + \$190
Total Cost = \$19,355.19
Calculating the Trade-In Value
The trade-in value of Terry's previous vehicle is not given in the problem. However, we can assume that the trade-in value is a percentage of the list price of the new car. Let's assume that the trade-in value is of the list price.
Trade-In Value = List Price \times Trade-In Value Rate
Trade-In Value = \$16,825 \times x
Calculating the Net Cost
The net cost of the car purchase is the total cost minus the trade-in value.
Net Cost = Total Cost - Trade-In Value
Net Cost = \$19,355.19 - \$16,825 \times x
Solving for x
To find the value of x, we can set up an equation using the net cost.
\$19,355.19 - \$16,825 \times x = 0
\$16,825 \times x = \$19,355.19
x = \$19,355.19 / \$16,825
x = 0.15
Conclusion
Introduction
In our previous article, we calculated the total cost of Terry's car purchase, taking into account the trade-in value of her previous vehicle. In this article, we will answer some frequently asked questions related to Terry's car purchase.
Q: What is the list price of the car?
A: The list price of the car is .
Q: What is the sales tax rate?
A: The sales tax rate is .
Q: What is the sales tax amount?
A: The sales tax amount is .
Q: What is the total cost of the car purchase?
A: The total cost of the car purchase is .
Q: What is the vehicle registration fee?
A: The vehicle registration fee is .
Q: What is the documentation fee?
A: The documentation fee is .
Q: What is the trade-in value of Terry's previous vehicle?
A: The trade-in value of Terry's previous vehicle is of the list price of the new car.
Q: What is the net cost of the car purchase?
A: The net cost of the car purchase is .
Q: How was the net cost calculated?
A: The net cost was calculated by subtracting the trade-in value from the total cost.
Q: What is the formula for calculating the net cost?
A: The formula for calculating the net cost is:
Net Cost = Total Cost - Trade-In Value
Q: How can I calculate the trade-in value?
A: To calculate the trade-in value, you can multiply the list price of the new car by the trade-in value rate.
Q: What is the trade-in value rate?
A: The trade-in value rate is in this case.
Q: How can I calculate the sales tax amount?
A: To calculate the sales tax amount, you can multiply the list price of the car by the sales tax rate.
Q: What is the sales tax rate?
A: The sales tax rate is .
Conclusion
In this article, we answered some frequently asked questions related to Terry's car purchase. We provided the list price of the car, the sales tax rate, the sales tax amount, the total cost, the vehicle registration fee, the documentation fee, the trade-in value, and the net cost. We also provided the formulas for calculating the net cost and the trade-in value.