CRITICAL THINKING EXERCISE $3$

Instructions: Solve the problem below. Please show how you derived the solution. The answer $($solution$)$ is worth $5$ points. The calculation is worth $5$ points. Suppose you want to buy a Tesla Model S$,$ the world's leading all$-$electric, zero$-$emission car that has a $265-$mile range and can be recharged in three hours. The Tesla Model S Performance model has a list price of $$87,500.$ However, you want several options $($Performance Plus Package, red multi$-$coat armor paint, Tech

Package, Sound Studio Package, home charging station, performance wheels, and others$)$ that will cost $$17,500.$ An extended warranty will add an additional $$5,000.$ However, if you put $$50,000$ down now and finance the balance over the next year, you will receive a dealer rebate of $$5,000$ off the list price. The dealer will give you a $$7,000$ trade$-$in allowance for your $2010$ Honda Civic DX four$-$door sedan. In addition, you will have to pay a state sales tax of $$10,000,$

an auto registration fee of $$1,000$ to the state, and a $$1,000$ destination charge to ship and prep

the car. But because the Tesla Model $S$ is an alternative energy vehicle, you qualify for a $$2,500$

state rebate and a $$7,500$ federal tax credit! Finally, your total finance charge is $$7,000.$

Applying the price equation, what is your final price for the Tesla Model S$?$

Buyer's Total Cost: $

Please show the calculation below.