5 years = 60 months
5(8469+145+924+1115) + 60(523+146+99)
53,265+46,080
The average monthly payment on a new car is $523. The interest on a car loan is $8469 a year. The average monthly cost of gasoline is $146. Monthly maintenance and repairs is $99. Registration, fees, and taxes are $145 a year. The average cost of auto insurance is $924 per year. The average yearly depreciation is $1115. What is the total cost of car ownership after five years ?
-$99,345
-$57,105
1 answer
1 answer