How much can be afford to spend for a car averaging

Reference no: EM13300351

If your current automobile needs new tires (estimate at $400 installed) and averages only 15 miles per gallon, how much (in addition to your trade-in value) can you afford to spend for a car averaging 30 mpg? You expect to drive 15,000 mile/year and expect gasoline to cost $4.00/gallon and you will keep he car 10 years. Your personal interest rate is 6%/year.

Reference no: EM13300351

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