Question

In: Advanced Math

(a) Luis Mahla purchases a Porsche Boxster for $49,700 and finances the entire amount at an...

(a) Luis Mahla purchases a Porsche Boxster for $49,700 and finances the entire amount at an annual interest rate of 6.3% for 8 years. Find the monthly payment. Assume the sales tax is 6% of the purchase price and the license fee is 1% of the purchase price. (Round your answer to the nearest cent.)

(b) After becoming a commercial pilot, Lorna Kao decides to purchase a Cessna 182 for $64,975. Assuming the sales tax is 4.9% of the purchase price, find each of the following.

(1) What is the total cost, including sales tax?
(2) If Lorna makes a down payment of 18% of the total cost, find the down payment.
(3) Assuming Lorna finances the remaining cost at an annual interest rate of 7.15% for 10 years, find the monthly payment.

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Expert Solution

Please rate as high as you can.

Colby Messinger answered 2 years ago
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