Question

What is the annual cost per mile of operating a car given the following information? Item Value Annual miles driven 11,800 Gas cost: Average miles per gallon 24 Average cost of gas per gallon $2.79 Annual depreciation $2,500 Interest $650 Insurance $680 License $65 Repairs/oil $370 Parking $498 Hint: Calculate the cost of gas, add all other costs, and divide by the miles driven.

Name: what is the annual cost per mile of operating a car given the following information item value annual miles driven 11800 gas cost average miles per gallon average cost of gas per gallon 24 2 75766
Uploaded: 2022-10-15T01:56:26-08:00
Duration: 2 min 6 s
Channel: Brooke Bussoletti
Description: what is the annual cost per mile of operating a car given the following information item value annual miles driven 11800 gas cost average miles per gallon average cost of gas per gallon 24 2 75766

          What is the annual cost per mile of operating a car given the following information? 

Item Value 
Annual miles driven 11,800 
Gas cost: 
Average miles per gallon 24 
Average cost of gas per gallon $2.79 
Annual depreciation $2,500 
Interest $650 
Insurance $680 
License $65 
Repairs/oil $370 
Parking $498 

Hint: Calculate the cost of gas, add all other costs, and divide by the miles driven.

Added by Sofia F.

Principles of Economics

Gregory Mankiw 8th Edition

Instant Answer

Solved by Expert Brooke Bussoletti

10/15/2022

Step 1

67 gallons Total gas cost = 491.67 gallons * $2.79 per gallon = $1371.75 Show more…

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What is the annual cost per mile of operating a car given the following information? Item Value Annual miles driven 11,800 Gas cost: Average miles per gallon 24 Average cost of gas per gallon $2.79 Annual depreciation $2,500 Interest $650 Insurance $680 License $65 Repairs/oil $370 Parking $498 Hint: Calculate the cost of gas, add all other costs, and divide by the miles driven.