A college student in her senior year is considering purchasing a new car. The price of the

Question:

A college student in her senior year is considering purchasing a new car. The price of the car is $18,500, the sales tax is 8%, and the title, license, and registration fee is $450. The offered to finance 90% of the price of the car for 48 months at a nominal interest rate of 9% per year, compounded monthly.
(a) How much cash does the student need to pay at the time she purchases the vehicle?
(b) How much is the monthly payment?
Dealer
A dealer in the securities market is an individual or firm who stands ready and willing to buy a security for its own account (at its bid price) or sell from its own account (at its ask price). A dealer seeks to profit from the spread between the...