171k views
0 votes
The williams family just bought a new van. the cost of the van is $26,857.00. state sales tax is 6% on the cost of the van. in addition, there is $250 worth of document preparation fees that must be paid. the williams family is putting down 20% and financing the rest with a home equity loan. what is the total amount that they are financing?

1 Answer

0 votes
Solution:
Total cost of van = market cost of van + 6% sales tax on market cost + document verification fees
6% sales tax on market cost = market cost x 0.06 = 26857 x 0.06 = 1611.42 Total cost of van = 26857 + 1611.42 + 250 = 28,718.42
20% of total cost of van = 5843.684
Remaining amount = Total cost of van - initial financing = 22,974.74 dollars Hence 22,974.74 dollars is the total amount that Williams family is financing.
User Ewalel
by
7.5k points
Welcome to QAmmunity.org, where you can ask questions and receive answers from other members of our community.