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Determine the total first-year cost of car ownership

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Question - Determine the total first-year cost of car ownership for Milagros.

She just purchased a vehicle valued for $21,550 with the following costs:

Auto Loan: Amount, $21,550?; Duration, 4 years; APR, 8.25 percent

Property Taxes: 2.05 percent of vehicle value/year

Sales Taxes: 3.13 percent of the sales price

Title and Tags: $36.66/year

Insurance: $1,876.02/year

Maintenance and Usage: $1,903.45/year

Reference no: EM132915047

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