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 Registration1.2% of Purchase PriceSales Tax6.75% of Purchase PriceDown Payment20% of Purchase PriceDepreciation22% of Purchase PriceFuel Cost Driving 14,000 MilesAverage Cost of Gasoline:$2.56 per gallonYearly Payment4-year Loan of 4.1% Basedon Purchase Price Less a20% Down PaymentInsurance$822Maintenance$582Total$

Purchasing amount of minivan=$47,000 License and registration cost=47000×1.2100=$564 Sales…

Answered: A mechanical engineer purchased a…

Algebra and Trigonometry (6th Edition)

6th Edition

ISBN:9780134463216

Author:Robert F. Blitzer

Publisher:Robert F. Blitzer

ChapterP: Prerequisites: Fundamental Concepts Of Algebra

Section: Chapter Questions

Problem 1MCCP: In Exercises 1-25, simplify the given expression or perform the indicated operation (and simplify,...

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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	$