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12 years ago, delmar bought a car with a down payment of $4800, and a loan in the amount of $16,500, including the interest amount. then delmar sold the car for $7200. how much did driving this car cost delmar per year?

Sagot :

The driving cost per year of Delmar is $1175

A down payment is a sum of money that a buyer pays at the beginning of a pricey good or service purchase. A portion of the total purchase price is covered by the down payment, and the buyer frequently takes out a loan to cover the balance.

Down payment of the car = $4800

Loan on the car = $16,500

The selling price of the car = $7200

Number of years = 12 years

Total used value = Down payment of the car + Loan on the car - Selling price/Number of years

= 4800 + 16500 - 7200/12

= $1175

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