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What is the total price to be used in the auto loan formula

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After finding out that the dealer's cost of a VW was 11.7 % lower than its sticker price of $17,350, Julia visited a local dealership, and was able to negotiate a price that left the dealer with a modest profit margin of 9.5% over the invoice price, and have him agreed to honor a rebate coupon of $250 that she submitted. The dealer offered to finance 83% of the total cost at an APR of 9 ¼ % so she can pay off the auto loan in 4 years. Before signing the contract, Julia ordered a $300 optional stereo unit to be installed and other additional accessories at a cost of $80.00. Title fees, License plate charges, and sale taxes would be paid later at the Registry of Motor Vehicles.

1. What is the total price (P) to be used in the auto loan formula?

2. How much would be the monthly payment for Julia?

Reference no: EM132722686

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