Total Costs ofAutomobile Ownership. Given the following information, calculate the total costs of automobile ownership, including finance costs, and the per mile cost for the first year of ownership, assuming you pay $14,000 for the car:

Loan amount SI2,000, 48 months, 8 percent APR Incremental mileage driven: 5,000 per year Average cost of gasoline: $1.70 per gallon Miles per gallon: 22 First-year depreciation: $3,000 Incremental insurance cost: $200 Registration and license: $250 Sales tax: 4 percent ofsales price Regular oil changes: $120