Question

You want to buy a used car for $8,648.00 plus 4.7% sales tax. You want to make a 5% down payment. How much is your down payment? My answer is $452.72. Can someone tell me if it's correct?

Answer 1

That's the answer I got!

8648 * .047 = 406.456

406.456 + 8648 = 9054.456

9054.456 * .05 = 452.72!

Answer 2

The down payment is $ 452.72 (approx).

Explanation:

Given,

The original price of the car = $8,648.00

Sales tax = 4.7%,

So, the final price of the car = (100+4.7)% of the original price

= 104.7% of $ 8,648.00

`=(104.7* 8648.00)/(100)`

`=(905445.6)/(100)`

`=\$ 9054.456`

Now, the percentage of down payment = 5 %,

Hence, the amount of down payment = 5 % of the final price

= 5 % of $ 9054.456

`=(5* 9054.456)/(100)`

`=(45272.28)/(100)`

`=\$ 452.7228\approx \$ 452.72`