Logo
Home Study Material Contact Search
AI Chat FREE
  1. mathematics
  2. advance math
  3. keep the old car or buy a used car manny is an onl

Keep the Old Car or Buy a Used Car Manny is an online student who currently...

90.2K

Verified Solution

Question

Advance Math

Keep the Old Car or Buy a Used Car
Manny is an online student who currently owns an older car that isfully paid for. He drives, on average, 160 miles per week tocommute to work. With gas prices currently at $2.02 per gallon, heis considering buying a used, fuel-efficient car, and wants to knowif it would be a good financial decision.

The old car Manny owns currently gets 15 miles per gallon foraverage fuel efficiency. It has been a great vehicle, but with itsage, it needs repairs and maintenance that average $800 per year(as long as nothing serious goes wrong).

He is considering buying a newer used car that will cost a totalof $7,500 over a three-year loan process. The used car gets 27miles per gallon and would only require an average of $10 per monthfor general maintenance. To help make a decision Manny wants tocalculate the total costs for each scenario over three years. Hedecides to use the Quantitative Reasoning Process to do this.

Find the total costs (gas, maintenance/repairs, purchase price)for each scenario over the three years.

Round your answers to the nearest dollar.

Scenario

Total Cost for Three Years

Keep the old car

____________

Buy the fuel-efficient used car

____________

Answer & Explanation Solved by verified expert
3.6 Ratings (486 Votes)
    See Answer
Get Answers to Unlimited Questions

Join us to gain access to millions of questions and expert answers. Enjoy exclusive benefits tailored just for you!

Membership Benefits:
  • Unlimited Question Access with detailed Answers
  • Zin AI - 3 Million Words
  • 10 Dall-E 3 Images
  • 20 Plot Generations
  • Conversation with Dialogue Memory
  • No Ads, Ever!
  • Access to Our Best AI Platform: Flex AI - Your personal assistant for all your inquiries!
Become a Member

Other questions asked by students

Finance
1.2K views

Carlsbad Corporation's sales are expected to increase from $5 million in 2019 to $6 million in...

Statistics
1.2K views

The frequency distribution below shows the monthly expenditure on gasoline for a sample of 14 individuals. Expenditure Frequency 55...

Chemistry
1.2K views

Aluminum (FCC) with atom radius of 0.1431nm. Find the distance between aluminum lattice plane (100) and (111),...

Chemistry
1.2K views

Determine pH for a solution containing 0.7 M HBr and 1.4 M HC3H5O2.

Psychology
1.2K views

Without plagiarism or copying word for word from the internet. Please write at least two strong...

Accounting
1.2K views

Last year, CMC recorded a deferred tax asset related to product warranties and a deferred tax...

Accounting
1.2K views

7. In preparing the statement of cash flows, how would you record bad debt expense...

Accounting
1.2K views

Use the Financial Statements for Moon Walk Inc. to complete the following questions. Moon...

Accounting
1.2K views

42. The process of change, in Hollis's view, involves: A. Transformation...

Accounting
1.2K views

Helping Hands is a nonprofit organization that supplies electric fans during summer for individuals in...

Accounting
1.2K views

In your memo, discuss these various equations and state which of the equations you would...

Accounting
1.2K views

Using the chain ratio method, estimate the market sales potential for heart catheterization products to...