Question
For example, if an individual earned $50,000 last year and purchased a new car, you would expect that person to have paid about blank for the car. Similarly, if someone just paid $20,000 for a car, you could use this graph to estimate that this person's income was probably around blank .
Answers
GPT-4o mini
To fill in the blanks in your example, we would typically reference a formula or guideline that relates car expenses to income. A common rule of thumb suggests that individuals should spend about 15% of their annual income on a car, including both the purchase price and ongoing costs.
1. If an individual earned $50,000 last year and purchased a new car, you would expect that person to have paid about **$7,500** for the car (15% of $50,000).
2. Conversely, if someone just paid $20,000 for a car, you could use this guideline to estimate that this person's income was probably around **$133,333** (since $20,000 is 15% of this amount).
In summary:
- Expect to pay about **$7,500** for the car if earning **$50,000**.
- Estimate that an income was around **$133,333** if someone paid **$20,000** for a car.
1. If an individual earned $50,000 last year and purchased a new car, you would expect that person to have paid about **$7,500** for the car (15% of $50,000).
2. Conversely, if someone just paid $20,000 for a car, you could use this guideline to estimate that this person's income was probably around **$133,333** (since $20,000 is 15% of this amount).
In summary:
- Expect to pay about **$7,500** for the car if earning **$50,000**.
- Estimate that an income was around **$133,333** if someone paid **$20,000** for a car.