Answered step by step
Verified Expert Solution
Question
1 Approved Answer
A cloud storage engineer purchased a new car for $30,990. Complete the table below to determine the cost of owning the car for the first
A cloud storage engineer purchased a new car for $30,990. Complete the table below to determine the cost of owning the car for the first year of ownership. Assume the car has an average fuel efficiency of 28 miles per gallon and a 4-year loan at an annual interest rate of 3.75% on the purchase price less the down payment. (Round your answers to the nearest cent.)
License and registration | 0.75% of purchase price | $ |
---|---|---|
Sales tax | 6.25% of purchase price | $ |
Down payment | 15% of purchase price | $ |
Depreciation | 21% of purchase price | $ |
Fuel cost driving 14,000 miles | Average cost of gasoline: $2.76 per gallon | $ |
Loan payments for 1 year | 12 times monthly payment | $ |
Insurance | $715 | $ |
Maintenance | $349 | $ |
Total | $ |
Step by Step Solution
There are 3 Steps involved in it
Step: 1
Get Instant Access to Expert-Tailored Solutions
See step-by-step solutions with expert insights and AI powered tools for academic success
Step: 2
Step: 3
Ace Your Homework with AI
Get the answers you need in no time with our AI-driven, step-by-step assistance
Get Started