New Car loan $35,000 @ 4% interest rate over 60 months

• Loan Payment:

-$645 Monthly

-$7,740 Annually

• Total Loan Cost:  

-$38,675

• Annual Cost:

-$7,740 + $1,080 + $1200 = $10,020

• Fuel Cost:  

-40MPG, 13,500 miles a year (assuming gas is $3 per gallon) = $1080 annually

• Maintenance:    

-$1,200 annually

• Depreciation:  

-25%, after first year

-15.6%, every year after

• Salvage Value:

-$11,241. 95, after 6 years

For the following car loan, what's is the a) present worth, b) future worth & c) annual worth calculations?

Answer rating: 100% (QA)

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