Transcript Vehicle Information

Gas Money
Gas isn’t free. In fact, it’s one of the largest expenses many people have
each month.
For the sake of this project, let’s say that you drive an average of 300
miles each week (300 x 4 = 1200 per month) in your vehicle.
Use your car’s gas mileage to see how many gallons of gas you will use
each month.
1200
𝑔𝑎𝑙𝑙𝑜𝑛𝑠 = (
)
𝑚𝑝𝑔
The average cost of a gallon of gas is close to $3.30 these days. Multiply
the number of gallons of gasoline you use each month by the cost of a
gallon of gas to find out how much you will pay for gas each month and
record the answer in your information packet.
Car Insurance
It is illegal to drive a car without car insurance. It’s also
dangerous to you and the people around you to drive without
car insurance.
Different vehicles have different car insurance rates because
some vehicles are built safer than others.
Below are the monthly insurance costs for different types of
vehicles
Car: $115
Truck: $130
SUV: $115
Van: $100
Record your monthly auto insurance costs in your information
packet.
Car Loan
You’re going to need a set of wheels to get you from point A to point B
now that you have a job. Unfortunately you don’t have enough money
to purchase the car all at once.
Luckily, you’ve been approved for a car loan at a 5% interest rate. What
does this mean? Someone is going to give you enough money to
purchase the car you want, but you will have to pay them back for the
entire amount plus 5% of the amount you borrowed. They will give you
five years (60 months) to pay them back.
Use this formula to find your monthly car payment and record it in your
information packet.
𝑐𝑜𝑠𝑡 𝑜𝑓 𝑣𝑒ℎ𝑖𝑐𝑙𝑒 × 1.05
𝑚𝑜𝑛𝑡ℎ𝑙𝑦 𝑝𝑎𝑦𝑚𝑒𝑛𝑡 =
60