Problem

Question 3 of 15 , Step 1 of 1 1/15 Correct 2 After purchasing a car, Eleanor adjusts her budget to cover most car-related expenses that may occur. The monthly payment for her loan is $\$ 286.72$, the cost of car insurance for 6 months is $\$ 668.73$, the estimated fuel cost per month is $\$ 205$, and she wants to set aside $\$ 800$ per year for repairs and other maintenance. How much should Eleanor budget per month for car expenses? Round your answer to the nearest cent. Answer Keyboard Shortcuts Submit Answer

Solution

Step 1 :The monthly loan payment is already given as $286.72.

Step 2 :The cost of car insurance is given for 6 months, so we need to divide this by 6 to get the monthly cost. \(\frac{668.73}{6} = 111.455\)

Step 3 :The estimated fuel cost per month is given as $205.

Step 4 :The cost for repairs and maintenance is given per year, so we need to divide this by 12 to get the monthly cost. \(\frac{800}{12} = 66.67\)

Step 5 :After calculating these individual costs, we can add them together to get the total monthly budget for car expenses. \(286.72 + 111.455 + 205 + 66.67 = 669.845\)

Step 6 :Final Answer: Eleanor should budget approximately \(\boxed{669.84}\) per month for car expenses.

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