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1. Type your name under the Purchaser's Name part of the contract (included on page 3). You do not need to fill out the address information. 2. For the car you selected, write the year, make, model, and MSRP in the Vehicle Being Purchased in the space on the left side of the contract. 3. [1 pt) Suppose you are able to negotiate a selling price of 95% of the MSRP. Type the selling price into the Selling Price line of the contract. You may carry this value down to the Price After Equipment Change line. (Grade breakdown: 5 for work;.5 for answer) Replace these words with your image of the solution and answer. (for question 3 only) 4. Assume you have no trade-in. Write your selling price in the Taxable Total line of the contract. 5. [1 pt] Calculate the sale tax and type this amount in the Sales Tax line of the contract. In the state of Arizona, the tax rate is different depending on where you purchase your car. Currently the Arizona sales tax rate is 5.6%. Maricopa County adds on 0.7% sales tax to support roads and jails. Phoenix has a city tax of 2.3%. That's a total of 8.6% if you purchase your car in the city of Phoenix. Assume we're buying the car in the city of Phoenix, so use the 8.6% sales tax rate. (Grade breakdown: .5 for work;.5 for answer) Replace these words with your image of the solution ard answer. (for question 5 only) 6. [1 pt] The license fee is 2.8% of the value of your car. The value of your car is 60% of the MSRP (not the purchase price!). Write the license fee in the License Fee line of the contract. Ex: If the MSRP is $25,000, the value of your car would be: $25,000 0.60 = $15,000 Use this value to calculate the license fee. This value is NOT your license fee. (Grade breakdown: .5 for work;.5 for answer) Replace these words with your image of the solution and answer. (for question 6 only) 7. Add the title service fee, license fee, sales tax, and purchase price to obtain the total due. Write this amount in the Total Due line of the contract. 8. [1 pt) You plan to make a 10% down payment. Write your down payment in the Total Cash Down box. 9. Calculate the balance due and type this value in the Balance Due line of the contract. Now we will move on to the financing Financing: Write the finance information under the FEDERAL TRUTH-IN-LENDING DISCLOSURES part of the contract. 10. Type the amount borrowed (balance due) in the Amount Financed box. 11. Assume you can secure a loan at 3.9% for 36 months. Type these values in the Annual Percentage Rate and Number of Payments boxes. 12. 17 pts) Calculate your monthly payment and type this value in the Amount of Payments box. (Grade breakdown: 2 correct formula; 3 for work; 2 for answer) Replace these words with your image of the solution and answer. (for question 12 only) 13. 11 pt) Find the total amount paid during the loan and write the amount in the Total of Payments box. (Grade breakdown: 5 for work; .5 for answer) Replace these words with your image of the solution and answer. (for question 13 only) 14. 12 pts) Find the total amount of interest paid during the loan and write the amount in the Total Finance Charge box (Grade breakdown: 1 for work; 1 for answer) Replace these words with your image of the solution and answer. (for question 14 only) You determine that this monthly payment is too much. Complete the remaining questions on page 2 of your contract below, RETAIL. ORDER FOR A MOTOR Vence Steps 1-13.3.9% for 36 months Purchaser's Name Vehicle Being Purchased Year Make Model Group Number: City _XXXXXXXXXXXXXXXXX State Dollars ZIP Cent S Vehicle Identification Number SELLING PRICE Dealer Installed Accessories MSRP Vehicle Being Traded-In Year Make Model Vehicle Identification Number PRICE AFTER EQUIPMENT CHANGE KBB Value LESS TRADE ALLOWANCE FACTORY WARRANTY: Any warranty on any new vehicle or used vehicle still subject to a manufacturer's warranty is that made by the manufacturer only. The seller hereby disclaims all warranties, either expressed or implied, including any implied warranty or merchantability or fitness for a particular purpose. TAXABLE TOTAL FEDERAL TRUTH-IN-LENDING DISCLOSURES SALES TAX Amount Financed LICENSE FEE Annual Percentage Rate Number of Payments TITLE SERVICE FEE 299 00 2. TOTAL DUE Amount of Payments Total of Payments Total Finance Charge TOTAL CASH DOWN The information you see on the window form for this vehicle is part of this contract. Information on BALANCE DUE the window form overrides any contrary provisions in the contract of sale. Liability insurance coverage for bodily injury and property damage caused by others not included. Purchaser's Signature Date 15. Use the link in the Canvas assignment to access the spreadsheet to get the monthly payment on a 72-month loan and type that amount here. 16. [1 pts) Find the total amount paid during the loan and write the amount in the Total of Payments box. (Grade breakdown: 5 for work; .5 for answer) Replace these words with your image of the solution and answer. (for question 16 only) 17. [2 pts) Find the total amount of interest paid during the loan and write the amount in the Total Finance Charge box. (Grade breakdown: 1 for work; 1 for answer) Replace these words with your image of the solution and answer. (for question 17 only) 18. [3pts] How much more do you pay in interest with the 72 month loan compared to the 36 month loan? (Grade breakdown: 2 for work: 1 for answer) Replace these words with your image of the solution and answer. Finance Group Problem Set 3 1. Type your name under the Purchaser's Name part of the contract (included on page 3). You do not need to fill out the address information. 2. For the car you selected, write the year, make, model, and MSRP in the Vehicle Being Purchased in the space on the left side of the contract. 3. [1 pt) Suppose you are able to negotiate a selling price of 95% of the MSRP. Type the selling price into the Selling Price line of the contract. You may carry this value down to the Price After Equipment Change line. (Grade breakdown: 5 for work;.5 for answer) Replace these words with your image of the solution and answer. (for question 3 only) 4. Assume you have no trade-in. Write your selling price in the Taxable Total line of the contract. 5. [1 pt] Calculate the sale tax and type this amount in the Sales Tax line of the contract. In the state of Arizona, the tax rate is different depending on where you purchase your car. Currently the Arizona sales tax rate is 5.6%. Maricopa County adds on 0.7% sales tax to support roads and jails. Phoenix has a city tax of 2.3%. That's a total of 8.6% if you purchase your car in the city of Phoenix. Assume we're buying the car in the city of Phoenix, so use the 8.6% sales tax rate. (Grade breakdown: .5 for work;.5 for answer) Replace these words with your image of the solution ard answer. (for question 5 only) 6. [1 pt] The license fee is 2.8% of the value of your car. The value of your car is 60% of the MSRP (not the purchase price!). Write the license fee in the License Fee line of the contract. Ex: If the MSRP is $25,000, the value of your car would be: $25,000 0.60 = $15,000 Use this value to calculate the license fee. This value is NOT your license fee. (Grade breakdown: .5 for work;.5 for answer) Replace these words with your image of the solution and answer. (for question 6 only) 7. Add the title service fee, license fee, sales tax, and purchase price to obtain the total due. Write this amount in the Total Due line of the contract. 8. [1 pt) You plan to make a 10% down payment. Write your down payment in the Total Cash Down box. 9. Calculate the balance due and type this value in the Balance Due line of the contract. Now we will move on to the financing Financing: Write the finance information under the FEDERAL TRUTH-IN-LENDING DISCLOSURES part of the contract. 10. Type the amount borrowed (balance due) in the Amount Financed box. 11. Assume you can secure a loan at 3.9% for 36 months. Type these values in the Annual Percentage Rate and Number of Payments boxes. 12. 17 pts) Calculate your monthly payment and type this value in the Amount of Payments box. (Grade breakdown: 2 correct formula; 3 for work; 2 for answer) Replace these words with your image of the solution and answer. (for question 12 only) 13. 11 pt) Find the total amount paid during the loan and write the amount in the Total of Payments box. (Grade breakdown: 5 for work; .5 for answer) Replace these words with your image of the solution and answer. (for question 13 only) 14. 12 pts) Find the total amount of interest paid during the loan and write the amount in the Total Finance Charge box (Grade breakdown: 1 for work; 1 for answer) Replace these words with your image of the solution and answer. (for question 14 only) You determine that this monthly payment is too much. Complete the remaining questions on page 2 of your contract below, RETAIL. ORDER FOR A MOTOR Vence Steps 1-13.3.9% for 36 months Purchaser's Name Vehicle Being Purchased Year Make Model Group Number: City _XXXXXXXXXXXXXXXXX State Dollars ZIP Cent S Vehicle Identification Number SELLING PRICE Dealer Installed Accessories MSRP Vehicle Being Traded-In Year Make Model Vehicle Identification Number PRICE AFTER EQUIPMENT CHANGE KBB Value LESS TRADE ALLOWANCE FACTORY WARRANTY: Any warranty on any new vehicle or used vehicle still subject to a manufacturer's warranty is that made by the manufacturer only. The seller hereby disclaims all warranties, either expressed or implied, including any implied warranty or merchantability or fitness for a particular purpose. TAXABLE TOTAL FEDERAL TRUTH-IN-LENDING DISCLOSURES SALES TAX Amount Financed LICENSE FEE Annual Percentage Rate Number of Payments TITLE SERVICE FEE 299 00 2. TOTAL DUE Amount of Payments Total of Payments Total Finance Charge TOTAL CASH DOWN The information you see on the window form for this vehicle is part of this contract. Information on BALANCE DUE the window form overrides any contrary provisions in the contract of sale. Liability insurance coverage for bodily injury and property damage caused by others not included. Purchaser's Signature Date 15. Use the link in the Canvas assignment to access the spreadsheet to get the monthly payment on a 72-month loan and type that amount here. 16. [1 pts) Find the total amount paid during the loan and write the amount in the Total of Payments box. (Grade breakdown: 5 for work; .5 for answer) Replace these words with your image of the solution and answer. (for question 16 only) 17. [2 pts) Find the total amount of interest paid during the loan and write the amount in the Total Finance Charge box. (Grade breakdown: 1 for work; 1 for answer) Replace these words with your image of the solution and answer. (for question 17 only) 18. [3pts] How much more do you pay in interest with the 72 month loan compared to the 36 month loan? (Grade breakdown: 2 for work: 1 for answer) Replace these words with your image of the solution and answer. Finance Group Problem Set 3