For questions 14 - 16: Imagine you are purchasing a late model vehicle for $15,000. You have saved $3,000 cash to purchase the vehicle. You have no trade-in vehicle. Sales tax of 7% will have to paid on the purchase price of the vehicle. The term of your vehicle loan is 5 years ( 60 months). The loan is a closed end credit loan. Payments are made monthly. The interest rate is 8.5%. 14. What is the total cost of your vehicle including purchase price and sales tax? $16,000 $14,075 $12,000 $16,050