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You are researching buying your first car and have found the following information.Use the information below to calculate how much owning the car will cost

You are researching buying your first car and have found the following information. Use the information below to calculate how much owning the car will cost you over 5 years. (Note: Not all information is useful/needed)

  • Purchase Price: $20,000
  • 4--Year Auto Loan payment: $450 per month
  • Depreciation: 10% of the original price each year
  • Checkups/Oil changes: $100 per year
  • 5-year Average Repair Costs: $3,000
  • Insurance: $1,200 per year
  • Gas cost: $3,000 per year

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