Frank is considering purchasing a new pick-up truck for his construction business. He assumes that the truck will last 8 years and has accumulated the following lists of costs. From this list, can you determine what his acquisition cost, his cost of owning, his cost of operating and his cost of disposition will be for this truck? What is his whole of life cost?

Purchase price of the truck .......................................................................................... $40,000
 Gasoline usage per year ................................................................................................. 5,000
 Insurance per year............................................................................................................3,000
 Customization to hold construction equipment ............................................................10,000
 Cost to haul to a salvage yard .......................................................................................... 100
 Interest on loan to purchase truck .................................................................................. 1,000
 Repairs over the lifetime of the vehicle ........................................................................... 5,000
 Tax per year ......................................................................................................................... 500
 Salvage value ........................................................................................................................ 500