Renee is going to buy a new car that has a list price of $19,675. She will be responsible for $1.420 in vehicle
registration fees, $85 in documentation fees, and 8.92% sales tax. She plans to trade in her current car,
2002
Buick LeSabre in good condition, and finance the rest of the cost over four years at an interest rate of 11.34%,
compounded monthly. If the dealer gives Renee 85% of the listed trade-in value for her car, what will her
monthly payment be? Round all dollar values to the nearest cent.
Buick Cars in Good Condition
Model/Year
1998
1999
2000
2001
2002
Century
$929
$1,086
$1,150
$1,488
$1,595
LeSabre
$2,075
$2,282
$2,690
$2,935
$3,374
Regal
$1,676
$1,794
$2,030
$2,214
$2,566
Riviera
$1,291
$1,455
$1,520
$1,814
$1,959
a. $521.96
b.
$508.80
C.
$518.80
d.
$504.46