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

Answer rating: 100% (QA)

To calculate the total cost of owning the car over 5 years lets break down the costs year by year an... View the full answer