You are financing a car worth $60822.52 with tax included. Interest rates are 4.9% compounded daily. Payments are monthly and made at the end of the months. You will on the car in years. You have a down payment of $4660. Assume you drive 1625 km in 2 years. Calculate the cost per kilometre per year. Round your answer to two decimal places. Do not enter the dollar sign Sample input 3.51 het by hand sing the ordinary general anulty formule or ane the TVM sover. You
You are financing a car worth $60822.52 with tax included. Interest rates are 4.9% compounded daily. Payments are monthly and made at the end of the months. You will on the car in years. You have a down payment of $4660. Assume you drive 1625 km in 2 years. Calculate the cost per kilometre per year. Round your answer to two decimal places. Do not enter the dollar sign Sample input 3.51 het by hand sing the ordinary general anulty formule or ane the TVM sover. You
Advanced Engineering Mathematics
10th Edition
ISBN:9780470458365
Author:Erwin Kreyszig
Publisher:Erwin Kreyszig
Chapter2: Second-order Linear Odes
Section: Chapter Questions
Problem 1RQ
Related questions
Question
Transcribed Image Text:You are financing a car worth $60822.52 with tax included. Interest rates are 4.9% compounded daily. Payments are monthly and made at the end of the month. You will on the car in 4
years. You have a down payment of $4660.
Assume you drive 1625 km in 2 years. Calculate the cost per kilometre per year. Round your answer to two decimal places. Do not enter the dollar sign Sample input 3.51
(Hint: Take the down payment off the total worth of the car including tax this is your PV Then, find the monthly payment by hand using the ordinary general anulty formule or ane the VM cober
will need an interest conversion if you do this question by hand or Excel because we have daily interest but monthly payments; you will need a monthly periodic interest rate. Then find the rol value of
ALL your monthly payments (e.g. PMT x Total Number of Monthly Payments) and odd this to your down payment toke the figure and divide it by the length of your financing on in years. This will
you how expensive it is to drive the car for one year. Then find how many km you drive in a year. Divide these two figures, and you can find the cost to drive per kilometer-it will probably shock you
Expert Solution
This question has been solved!
Explore an expertly crafted, step-by-step solution for a thorough understanding of key concepts.
Step by step
Solved in 2 steps
Recommended textbooks for you
Advanced Engineering Mathematics
Advanced Math
ISBN:
9780470458365
Author:
Erwin Kreyszig
Publisher:
Wiley, John & Sons, Incorporated
Numerical Methods for Engineers
Advanced Math
ISBN:
9780073397924
Author:
Steven C. Chapra Dr., Raymond P. Canale
Publisher:
McGraw-Hill Education
Introductory Mathematics for Engineering Applicat…
Advanced Math
ISBN:
9781118141809
Author:
Nathan Klingbeil
Publisher:
WILEY
Advanced Engineering Mathematics
Advanced Math
ISBN:
9780470458365
Author:
Erwin Kreyszig
Publisher:
Wiley, John & Sons, Incorporated
Numerical Methods for Engineers
Advanced Math
ISBN:
9780073397924
Author:
Steven C. Chapra Dr., Raymond P. Canale
Publisher:
McGraw-Hill Education
Introductory Mathematics for Engineering Applicat…
Advanced Math
ISBN:
9781118141809
Author:
Nathan Klingbeil
Publisher:
WILEY
Mathematics For Machine Technology
Advanced Math
ISBN:
9781337798310
Author:
Peterson, John.
Publisher:
Cengage Learning,
