Question

Calculate the total cost of an item bought at a negotiated price of $14,380, a $2,700 trade-in allowance, a sales tax of 7.2 percent, and a $79 registration fee.

$14266.08

$13,689.35

$12,794.36

$12,599.96

Answer 1

Answer:

The answer to this is option C: $12,794.36

Step-by-step explanation:

I just completed the test and this was the corrected answer.

Answer 2

The total cost of an item bought at a negotiated price of $14,380 is $12495.36.

Item bought at a negotiated price of $14,380, a $2,700 trade-in allowance,

A sales tax of 7.2 percent, and a $79  registration fee.

Let us find the cost of the item after 7.2% of sales tax.

What is the cost?

A cost is an expenditure required to produce or sell a product or get an asset ready for normal use.

The cost of an item after 7.2% of sales tax will be equal to 15640 plus 7.2% of 15640.

The cost of items after sales tax

$=14,380+(\frac{7.2}{100}\times 14,380)$

$=14,380+(0.072 \times 14,380)$

$=15415.36$

Therefore the cost of an item after 7.2% of sales tax will be 15415.36

Now let us add the registration fee to the cost of the item.

The cost after registration fees is to the cost of items

=15415.36+79

=15495.36

Now let us subtract $2700 trade allowance to find the total cost of the item.

=15495.36- 2700

=12795.36

Therefore the total cost is $12495.36.

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