Consider the following situation, which involves two options. Determine which option is less expensive. Are there unstat

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Consider The Following Situation Which Involves Two Options Determine Which Option Is Less Expensive Are There Unstat 1 (23.34 KiB) Viewed 92 times

Consider the following situation, which involves two options. Determine which option is less expensive. Are there unstated factors that might affect your decision? You currently drive 375 miles per week in a car that gets 16 miles per gallon of gas. You are considering buying a new fuel-efficient car for $14,000 (aftertrade-in on your current car) that gets 55 miles per gallon. Insurance premiums for the new and old car are $900 and $600 per year, respectively. You anticipate spending $1000 per year on repairs for the old car and having no repairs on the new car. Assume gas costs $3.00 per gallon Over a five-year period, is it less expensive to keep your old car or buy the new car? Over a five-year period, the cost of the old cars and the cost of the new car is $ (Round to the nearest dollar as needed) 5 Thus, over a five-year period, it is less expensive to me ter buy the new car ork keep your old car nts