a honda civic cost $17,655. A toyota corolla cost about 15,900. Fuel maintenance and repairs for the corolla will average about $1425 per year.
A) after hw many yrs are the total costs for the cars the same
B) what is the cost of ownersship when costs are equal?
11 years
To find out after how many years the total costs for the cars are the same and the cost of ownership at that point, we need to compare the overall costs of each car over a period of time.
To start with, let's assume that the costs of both cars remain constant over the years. This means that the cost of ownership for each car is the initial purchase price plus the average annual fuel, maintenance, and repair costs.
For the Honda Civic:
Cost of ownership per year = Initial purchase price + Average annual fuel, maintenance, and repair costs
Cost of ownership per year = $17,655 + 0 (as the question does not mention any costs)
For the Toyota Corolla:
Cost of ownership per year = Initial purchase price + Average annual fuel, maintenance, and repair costs
Cost of ownership per year = $15,900 + $1,425
A) To determine after how many years the total costs for the cars are the same, we need to set up an equation:
(Number of years) * (Cost of ownership per year for Honda Civic) = (Number of years) * (Cost of ownership per year for Toyota Corolla)
Let's call the number of years "x".
x * ($17,655 + 0) = x * ($15,900 + $1,425)
$17,655x = ($15,900 + $1,425)x
$17,655x = $17,325x
To find the value of "x", we divide both sides of the equation by $17,325:
$17,655x / $17,325 = x
x ≈ 1.019
So, the total costs for the cars will be the same after approximately 1 year.
B) To calculate the cost of ownership when the costs are equal, we substitute the value of "x" (1.019) into the equation:
Cost of ownership for Honda Civic = (Number of years) * (Cost of ownership per year for Honda Civic)
Cost of ownership for Honda Civic = 1.019 * ($17,655 + 0)
Cost of ownership for Toyota Corolla = (Number of years) * (Cost of ownership per year for Toyota Corolla)
Cost of ownership for Toyota Corolla = 1.019 * ($15,900 + $1,425)
Now, we calculate the costs:
Cost of ownership for Honda Civic ≈ 1.019 * $17,655
Cost of ownership for Toyota Corolla ≈ 1.019 * ($15,900 + $1,425)
Please note that these calculations are an estimate based on the given information, and the actual costs may vary.