Formulas for A-C please.

Raleigh, NC

Entrepreneur making around $65,000 dollars first year salary

Getting paid around $5,417 a month before taxes.

After: 18.5% taxes

Federal Income: 14.24% = $771

State Income: 4.26% = $231

Social Security: 6.2% = $336

Medicare: 1.45% = $79

Taking home around 73.85% of paycheck which correlates to around 4,000 dollars per month.

3. Calculate the costs of a car.

a. Determine the cost of a new car from a dealership. This car can be any make or model that you wish, but must be new from a dealer. Provide the calculations and citations for two payment options on the car you have selected. One payment plan should include a $2000 down payment, the other should not include any down payment. Your loan may be no more than 10% of gross monthly income.

b. Calculate the cost to lease the same car you purchased in the previous problem. How much will you pay in leasing costs over the course of the loan (assuming

you continue to lease similar vehicles for as long as it would have taken you to pay off the car)?

c. You have some extra money at the end of the month each month and decide to pay an extra $50 towards your car payment. How much money do you save in interest over the term of the loan in doing so? How early will you have the loan paid off?