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10. Complete the following chart and answer question at bottom of page. (16 points) Description Car make and model: Value 2013 Chevrolet Silverado $23,800 List price of Car: Down payment: (20%) N.C. Highway Use Fee: (3% of list price in with the amount to be financed) Total amount to be financed: - factor Interest rate and length of loan: 3.75%, 4 years Monthly payment: $427.78 $1150 Insurance costs (yearly): $36 Department of Motor Vehicles fee (yearly): $205 Total maintenance costs (yearly): Fuel costs (yearly): Assume truck gets 20 mpg, you drive 12,000 miles/year, and gas costs $2.50/gallon County taxes (yearly): Assume you live in Burke County, where rate is $0.695 per $100 of the car's value (use list price as the car's value) City or other municipal taxes (yearly): Assume you live in Morganton, where the rate is $0.53 |per $100 of the car's value Grand Total (yearly): (the sum of monthly payments, insurance, DMV fee, maintenance, fuel, and taxes) Super Grand Total (over entire length of loan): (every year plus down payment) If you work 20 hours/week and you work 50 weeks in the year, how much would you have to earn per hour in order to be able to cover the Grand Total cost? Show your calculation below. (4 points)