A mechanical engineer purchased a minivan for $47,000. Complete the following table to determine the cost (in dollars) of owning the minivan for the first year of ownership. Assume the minivan has an average fuel efficiency of 28 miles per gallon. Round your answer to the nearest cent. Assume there are 12 monthly payments. See Example 7 in this section. License and Registration 1.2% of Purchase Price Sales Tax 6.75% of Purchase Price Down Payment 20% of Purchase Price Depreciation 22% of Purchase Price Fuel Cost Driving 14,000 Miles Average Cost of Gasoline: $2.56 per gallon Yearly Payment 4-year Loan of 4.1% Based on Purchase Price Less a 20% Down Payment Insurance $822 Maintenance $582 Total $
A mechanical engineer purchased a minivan for $47,000. Complete the following table to determine the cost (in dollars) of owning the minivan for the first year of ownership. Assume the minivan has an average fuel efficiency of 28 miles per gallon. Round your answer to the nearest cent. Assume there are 12 monthly payments. See Example 7 in this section. License and Registration 1.2% of Purchase Price Sales Tax 6.75% of Purchase Price Down Payment 20% of Purchase Price Depreciation 22% of Purchase Price Fuel Cost Driving 14,000 Miles Average Cost of Gasoline: $2.56 per gallon Yearly Payment 4-year Loan of 4.1% Based on Purchase Price Less a 20% Down Payment Insurance $822 Maintenance $582 Total $
Chapter1: Equations, Inequalities, And Mathematical Modeling
Section1.3: Modeling With Linear Equations
Problem 3ECP: Your family has annual loan payments equal to 28 of its annual income. During theyear, the loan...
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A mechanical engineer purchased a minivan for $47,000. Complete the following table to determine the cost (in dollars) of owning the minivan for the first year of ownership. Assume the minivan has an average fuel efficiency of 28 miles per gallon. Round your answer to the nearest cent. Assume there are 12 monthly payments. See Example 7 in this section.
| License and Registration | 1.2% of Purchase Price |
|---|---|
| Sales Tax | 6.75% of Purchase Price |
| Down Payment | 20% of Purchase Price |
| Depreciation | 22% of Purchase Price |
| Fuel Cost Driving 14,000 Miles | Average Cost of Gasoline: $2.56 per gallon |
| Yearly Payment | 4-year Loan of 4.1% Based on Purchase Price Less a 20% Down Payment |
| Insurance | $822 |
| Maintenance | $582 |
| Total | $ |
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