MTH $1073$

Classwork Week $15$

Spring $2024$

Suppose you want to buy a $2024$ Fiat $500$e$,$ that costs around $$37,595.$ Answer the following questions based on this information. Be sure to show all your work & calculations to earn credit.

Question $1$: If sales tax is $7\mathrm{.}75\%,$ how much will you pay in tax for this car?

Question $2$: Suppose you need to finance the total amount for this car $($price $+$ taxes$),$ and you find a loan at an APR of $5\mathrm{.}53\%$ for $6$ years. What are your monthly payments?

Question $3$: Suppose you take the loan as told in question $2$ and you take the entire $6$ years to pay the loan off. What is the total amount paid back at the end of $6$ years?

Question $4$: How much did you pay in interest