10.
DETAILS
MY NOTES
ASK YOUR TEACHER
Francis received a 10-year subsidized student loan of $27,000 at an annual interest rate of 5.3%. If Francis qualifies for an
income-adjusted repayment plan of $375 per month, how many months will it take her to repay the loan? (Round your
answer up to the nearest month.)
months
11.
DETAILS
MY NOTES
ASK YOUR TEACHER
Suppose a new car is purchased for $46,357 and depreciates by 22% over the first year of ownership. Find the depreciation
of the car over the first year.
$
If the car is driven 12,670 miles in that year, what is the cost, in dollars per 100 miles driven, for depreciation? (Round to
the nearest cent.)
dollars per 100 miles
12.
DETAILS
MY NOTES
ASK YOUR TEACHER
A cement contractor purchases a car for a negotiated price of $55,250 plus $558 in registration and license fees. (Round
your answers to the nearest cent.)
(a) The sales tax is 67.5% of the negotiated price. Calculate the sales tax (in dollars).
$
(b) If the contractor makes a 10% down payment on the total cost of the car, including sales tax and license fees, what is
the down payment (in dollars)?
$
(c) The contractor finances the remaining balance for 4 years at an annual interest rate of 4.25% compounded monthly.
Find the monthly car payment (in dollars).
$
