Below is a list of Transportation choices. Please make your choice and return to your worksheet to complete question number two by filling in the blank space for the vehicle monthly payment, insurance costs, and registration fees & license plates, maintenance costs, and gasoline.

1. $584.54 per month truck payment

 
2011 Ford F-150

Sticker Price: $34,920
Odometer Reading: 0 Miles
Miles Per Gallon of Gasoline (mpg):

14 City (mpg)
21 Highway (mpg)
17.5 Combined City & Highway (mpg)

 


Breakdown of Costs: Car Payment

Sticker Price of the Vehicle
.
$34,920.00
Plus Motor Vehicle Excise Tax*
+
$1,746.00
Total
  
$36,666.00
Minus 5% down payment
-
$1,833.30
Equals the amount to be financed
=
$34,832.70

Financing Terms: 72 month new car loan at 6.44% Interest (excellent credit only)

Total Payment: $584.54 per month for 72 months

*Motor Vehicle Excise Tax - The purchase price of any motor vehicle for use on North Dakota streets or highways is subject to a motor vehicle excise tax if the vehicle is required to be registered in North Dakota. The motor vehicle excise tax is 5% of the purchase price (the sales price less any trade-in amount) or, if the vehicle is acquired by means other than purchase, the tax is five percent of the fair market value.



Breakdown of Costs: Car Insurance

Male:
   $227.49 per month*
Female:
 . $231.55 per month*

*Estimated full coverage monthly insurance premium for this vehicle for a male or female age 18 with a clean driving record living on their own. Please note that insurance rates vary by area in which you live. The above estimate is for a rural area. Actual cost of car insurance will be much higher in metropolitan areas. All cost are based on driving your vehicle 12,000 miles per year.


Breakdown of Costs: Registration Fee & License Plates

Your registration fee is based on the weight of your vehicle and the year it is first registered (model year has no bearing). Please budget $150.00 (paid once a year) to cover the cost of registration and License Plates. To determine the monthly cost for your Registration Fee & License Plates: Divide (÷) $150.00 by 12 months = $12.50 per month for your Registration Fee & License Plates.


Breakdown of Costs: Car Maintenance

Most people drive their vehicle 10,000 - 15,000 miles per year (average). The following is a list of estimated yearly cost for Maintenance & Repairs of your vehicle based on driving your vehicle 12,000 miles per year. The yearly cost is then divided by 12 to figure an average monthly cost of maintenance.

Oil Change: Most manufacturers recommend that you have the oil changed every 3000 miles with some recommending every 5000 miles. The following estimate is based on changing your oil 4 times per year at $25.00 each time.
..
$100.00

Maintenance & Repairs: Budget some money for maintenance and repairs even if you don't expect anything to break. It is a good practice to have money set aside for repair of your vehicle, or to cover scheduled maintenance cost. It is not uncommon to have repairs cost several hundred dollars if something breaks. If your vehicle is fairly new, you probably won't experience too many repairs since most repairs would be covered under Warranty, but you would still have to cover the cost of routine maintenance. The following is the recommended amount that you should put aside each year to cover future maintenance & repair costs.
.+
$300.00

Tires: Tires last from 40,000 to 60,000 miles. Make sure you set aside money each year for your tire fund.
.+
$100.00

Car Wash & Wax: Determine how often you want to run your vehicle through the car wash. Once every two weeks or 26 washes per year (x) times $8.00 for each wash = $208.00 per year.
+
$208.00

Total Maintenance & Repair cost per year:
$708.00

Total Monthly Maintenance & Repair cost: Divide (÷) $708.00 by 12 months = $59.00 per month for Maintenance & Repairs
.
$59.00



Breakdown of Costs: Gasoline

The yearly & monthly cost for gasoline for your vehicle is based on driving the vehicle 12,000 miles per year.

  • To determine the number of gallons of gasoline used per year: divide (÷) 12,000 miles by 17.5 Combined City & Highway mpg (listed above) = approximately 686 gallons of gasoline used per year.
  • To determine the number of gallons of gasoline used per month: divide (÷) 686 gallons by 12 months = approximately 57 gallons of gasoline used each month.
  • To determine the cost of gasoline used each month of the year: multiply (x) the current cost per gallon of gasoline _$______ by 57 gallons = your cost per month. (hint, ask your teacher for the current cost per gallon of gasoline)

 





2. $248.69 per month Jeep payment

 
2002 Jeep Wrangler:

Sticker Price: $10,525.00
Odometer Reading: 62,942 Miles
Miles Per Gallon of Gasoline (mpg):

16-18 City (mpg)
18-20 Highway (mpg)
18 Combined City & Highway (mpg)

 


Breakdown of Costs: Car Payment

Sticker Price of the Vehicle
.
$10,525.00
Plus Motor Vehicle Excise Tax*
+
$526.25
Total
  
$11,051.25
Minus 5% down payment
-
$552.56
Equals the amount to be financed
=
$10,498.69

Financing Terms: 48 month used car loan at 6.44% Interest (excellent credit only)

Total Payment: $248.69 per month for 48 months

*Motor Vehicle Excise Tax - The purchase price of any motor vehicle for use on North Dakota streets or highways is subject to a motor vehicle excise tax if the vehicle is required to be registered in North Dakota. The motor vehicle excise tax is 5% of the purchase price (the sales price less any trade-in amount) or, if the vehicle is acquired by means other than purchase, the tax is five percent of the fair market value.



Breakdown of Costs: Car Insurance

Male:
   $216.57 per month*
Female:
 . $219.72 per month*

*Estimated full coverage monthly insurance premium for this vehicle for a male or female age 18 with a clean driving record living on their own. Please note that insurance rates vary by area in which you live. The above estimate is for a rural area. Actual cost of car insurance will be much higher in metropolitan areas.


Breakdown of Costs: Registration Fee & License Plates

Your registration fee is based on the weight of your vehicle and the year it is first registered (model year has no bearing). Please budget $100.00 (paid once a year) to cover the cost of registration and License Plates. To determine the monthly cost of your Registration Fee & License Plates: Divide (÷) $100.00 by 12 months = $8.33 per month for your Registration Fee & License Plates.


Breakdown of Costs: Car Maintenance

Most people drive their vehicle 10,000 - 15,000 miles per year (average). The following is a list of estimated yearly cost for Maintenance & Repairs of your vehicle based on driving your vehicle 12,000 miles per year. The yearly cost is then divided by 12 to figure an average monthly cost of maintenance.

Oil Change: Most manufacturers recommend that you have the oil changed every 3000 miles with some recommending every 5000 miles. The following estimate is based on changing your oil 4 times per year at $25.00 each time.
..
$100.00

Maintenance & Repairs: Budget some money for maintenance and repairs even if you don't expect anything to break. It is a good practice to have money set aside for repair of your vehicle, or to cover scheduled maintenance cost. It is not uncommon to have repairs cost several hundred dollars if something breaks. If your vehicle is fairly new, you probably won't experience too many repairs since most repairs would be covered under Warranty, but you would still have to cover the cost of routine maintenance. The following is the recommended amount that you should put aside each year to cover future maintenance & repair costs.
.+
$300.00

Tires: Tires last from 40,000 to 60,000 miles. Make sure you set aside money each year for your tire fund.
.+
$100.00

Car Wash & Wax: Determine how often you want to run your vehicle through the car wash. Once every two weeks or 26 washes per year (x) times $8.00 for each wash = $208.00 per year.
+
$208.00

Total Maintenance & Repair cost per year:
$708.00

Total Monthly Maintenance & Repair cost: Divide (÷) $708.00 by 12 months = $59.00 per month for Maintenance & Repairs
.
$59.00



Breakdown of Costs: Gasoline

The yearly & monthly cost for gasoline for your vehicle is based on driving the vehicle 12,000 miles per year.

  • To determine the number of gallons of gasoline used per year: divide (÷) 12,000 miles by 18 Combined City & Highway mpg (listed above) = approximately 667 gallons of gasoline used per year.
  • To determine the number of gallons of gasoline used per month: divide (÷) 667 gallons by 12 months = approximately 56 gallons of gasoline used each month.
  • To determine the cost of gasoline used each month of the year: multiply (x) the current cost per gallon of gasoline _$______ by 56 gallons = your cost per month. (hint, ask your teacher for the current cost per gallon of gasoline)

 





3. $188.91 per month truck payment

 
2004 Chevy Colorado:

Sticker Price: $7,995.00
Odometer Reading: 45,878 Miles
Miles Per Gallon of Gasoline (mpg):

19 City (mpg)
24 Highway (mpg)
21.5 Combined City & Highway (mpg)

 


Breakdown of Costs: Car Payment

Sticker Price of the Vehicle
.
$7,995.00
Plus Motor Vehicle Excise Tax*
+
$399.75
Total
  
$8,394.75
Minus 5% down payment
-
$419.74
Equals the amount to be financed
=
$7,975.01

Financing Terms: 48 month used car loan at 6.44% Interest (excellent credit only)

Total Payment: $188.91 per month for 48 months

*Motor Vehicle Excise Tax - The purchase price of any motor vehicle for use on North Dakota streets or highways is subject to a motor vehicle excise tax if the vehicle is required to be registered in North Dakota. The motor vehicle excise tax is 5% of the purchase price (the sales price less any trade-in amount) or, if the vehicle is acquired by means other than purchase, the tax is five percent of the fair market value.



Breakdown of Costs: Car Insurance

Male:
   $266.32 per month*
Female:
 . $269.10 per month*

*Estimated full coverage monthly insurance premium for this vehicle for a male or female age 18 with a clean driving record living on their own. Please note that insurance rates vary by area in which you live. The above estimate is for a rural area. Actual cost of car insurance will be much higher in metropolitan areas.


Breakdown of Costs: Registration Fee & License Plates

Your registration fee is based on the weight of your vehicle and the year it is first registered (model year has no bearing). Please budget $100.00 (paid once a year) to cover the cost of registration and License Plates. To determine the monthly cost of your Registration Fee & License Plates: Divide (÷) $100.00 by 12 months = $8.33 per month for your Registration Fee & License Plates.


Breakdown of Costs: Car Maintenance

Most people drive their vehicle 10,000 - 15,000 miles per year (average). The following is a list of estimated yearly cost for Maintenance & Repairs of your vehicle based on driving your vehicle 12,000 miles per year. The yearly cost is then divided by 12 to figure an average monthly cost of maintenance.

Oil Change: Most manufacturers recommend that you have the oil changed every 3000 miles with some recommending every 5000 miles. The following estimate is based on changing your oil 4 times per year at $25.00 each time.
..
$100.00

Maintenance & Repairs: Budget some money for maintenance and repairs even if you don't expect anything to break. It is a good practice to have money set aside for repair of your vehicle, or to cover scheduled maintenance cost. It is not uncommon to have repairs cost several hundred dollars if something breaks. If your vehicle is fairly new, you probably won't experience too many repairs since most repairs would be covered under Warranty, but you would still have to cover the cost of routine maintenance. The following is the recommended amount that you should put aside each year to cover future maintenance & repair costs.
.+
$300.00

Tires: Tires last from 40,000 to 60,000 miles. Make sure you set aside money each year for your tire fund.
.+
$100.00

Car Wash & Wax: Determine how often you want to run your vehicle through the car wash. Once every two weeks or 26 washes per year (x) times $8.00 for each wash = $208.00 per year.
+
$208.00

Total Maintenance & Repair cost per year:
$708.00

Total Monthly Maintenance & Repair cost: Divide (÷) $708.00 by 12 months = $59.00 per month for Maintenance & Repairs
.
$59.00



Breakdown of Costs: Gasoline

The yearly & monthly cost for gasoline for your vehicle is based on driving the vehicle 12,000 miles per year.

  • To determine the number of gallons of gasoline used per year: divide (÷) 12,000 miles by 21.5 Combined City & Highway mpg (listed above) = approximately 558 gallons of gasoline used per year.
  • To determine the number of gallons of gasoline used per month: divide (÷) 558 gallons by 12 months = approximately 47 gallons of gasoline used each month.
  • To determine the cost of gasoline used each month of the year: multiply (x) the current cost per gallon of gasoline _$______ by 47 gallons = your cost per month. (hint, ask your teacher for the current cost per gallon of gasoline)

 





4. $236.16 per month car payment

 
2000 Mazda Miata:

Sticker Price: $9,995.00
Odometer Reading: 27,383 Miles
Miles Per Gallon of Gasoline (mpg):

23-25 City (mpg)
28-29 Highway (mpg)
26 Combined City & Highway (mpg)

 


Breakdown of Costs: Car Payment

Sticker Price of the Vehicle
.
$9,995.00
Plus Motor Vehicle Excise Tax*
+
$499.75
Total
  
$10,494.75
Minus 5% down payment
-
$524.74
Equals the amount to be financed
=
$9,970.01

Financing Terms: 48 month used car loan at 6.44% Interest (excellent credit only)

Total Payment: $236.16 per month for 48 months

*Motor Vehicle Excise Tax - The purchase price of any motor vehicle for use on North Dakota streets or highways is subject to a motor vehicle excise tax if the vehicle is required to be registered in North Dakota. The motor vehicle excise tax is 5% of the purchase price (the sales price less any trade-in amount) or, if the vehicle is acquired by means other than purchase, the tax is five percent of the fair market value.



Breakdown of Costs: Car Insurance

Male:
   $233.20 per month*
Female:
 . $235.60 per month*

*Estimated full coverage monthly insurance premium for this vehicle for a male or female age 18 with a clean driving record living on their own. Please note that insurance rates vary by area in which you live. The above estimate is for a rural area. Actual cost of car insurance will be much higher in metropolitan areas.


Breakdown of Costs: Registration Fee & License Plates

Your registration fee is based on the weight of your vehicle and the year it is first registered (model year has no bearing). Please budget $75.00 (paid once a year) to cover the cost of registration and License Plates. To determine the monthly cost of your Registration Fee & License Plates: Divide (÷) $75.00 by 12 months = $6.25 per month for your Registration Fee & License Plates.


Breakdown of Costs: Car Maintenance

Most people drive their vehicle 10,000 - 15,000 miles per year (average). The following is a list of estimated yearly cost for Maintenance & Repairs of your vehicle based on driving your vehicle 12,000 miles per year. The yearly cost is then divided by 12 to figure an average monthly cost of maintenance.

Oil Change: Most manufacturers recommend that you have the oil changed every 3000 miles with some recommending every 5000 miles. The following estimate is based on changing your oil 4 times per year at $25.00 each time.
..
$100.00

Maintenance & Repairs: Budget some money for maintenance and repairs even if you don't expect anything to break. It is a good practice to have money set aside for repair of your vehicle, or to cover scheduled maintenance cost. It is not uncommon to have repairs cost several hundred dollars if something breaks. If your vehicle is fairly new, you probably won't experience too many repairs since most repairs would be covered under Warranty, but you would still have to cover the cost of routine maintenance. The following is the recommended amount that you should put aside each year to cover future maintenance & repair costs.
.+
$300.00

Tires: Tires last from 40,000 to 60,000 miles. Make sure you set aside money each year for your tire fund.
.+
$100.00

Car Wash & Wax: Determine how often you want to run your vehicle through the car wash. Once every two weeks or 26 washes per year (x) times $8.00 for each wash = $208.00 per year.
+
$208.00

Total Maintenance & Repair cost per year:
$708.00

Total Monthly Maintenance & Repair cost: Divide (÷) $708.00 by 12 months = $59.00 per month for Maintenance & Repairs
.
$59.00



Breakdown of Costs: Gasoline

The yearly & monthly cost for gasoline for your vehicle is based on driving the vehicle 12,000 miles per year.

  • To determine the number of gallons of gasoline used per year: divide (÷) 12,000 miles by 26 Combined City & Highway mpg (listed above) = approximately 462 gallons of gasoline used per year.
  • To determine the number of gallons of gasoline used per month: divide (÷) 462 gallons by 12 months = approximately 39 gallons of gasoline used each month.
  • To determine the cost of gasoline used each month of the year: multiply (x) the current cost per gallon of gasoline _$______ by 39 gallons = your cost per month. (hint, ask your teacher for the current cost per gallon of gasoline)




5. $353.45 per month car payment

 
2005 Volkswagen New Beetle GLS:

Sticker Price: $14,959.00
Odometer Reading: 31,749 Miles
Miles Per Gallon of Gasoline (mpg):

24 City (mpg)
29 Highway (mpg)
26.5 Combined City & Highway (mpg)

 

 


Breakdown of Costs: Car Payment

Sticker Price of the Vehicle
.
$14,959.00
Plus Motor Vehicle Excise Tax*
+
$747.95
Total
  
$15,706.95
Minus 5% down payment
-
$785.35
Equals the amount to be financed
=
$14,921.60

Financing Terms: 48 month used car loan at 6.44% Interest (excellent credit only)

Total Payment: $353.45 per month for 48 months

*Motor Vehicle Excise Tax - The purchase price of any motor vehicle for use on North Dakota streets or highways is subject to a motor vehicle excise tax if the vehicle is required to be registered in North Dakota. The motor vehicle excise tax is 5% of the purchase price (the sales price less any trade-in amount) or, if the vehicle is acquired by means other than purchase, the tax is five percent of the fair market value.



Breakdown of Costs: Car Insurance

Male:
   $239.10 per month*
Female:
 . $241.47 per month*

*Estimated full coverage monthly insurance premium for this vehicle for a male or female age 18 with a clean driving record living on their own. Please note that insurance rates vary by area in which you live. The above estimate is for a rural area. Actual cost of car insurance will be much higher in metropolitan areas.


Breakdown of Costs: Registration Fee & License Plates

Your registration fee is based on the weight of your vehicle and the year it is first registered (model year has no bearing). Please budget $125.00 (paid once a year) to cover the cost of registration and License Plates. To determine the monthly cost of your Registration Fee & License Plates: Divide (÷) $125.00 by 12 months = $10.42 per month for your Registration Fee & License Plates.


Breakdown of Costs: Car Maintenance

Most people drive their vehicle 10,000 - 15,000 miles per year (average). The following is a list of estimated yearly cost for Maintenance & Repairs of your vehicle based on driving your vehicle 12,000 miles per year. The yearly cost is then divided by 12 to figure an average monthly cost of maintenance.

Oil Change: Most manufacturers recommend that you have the oil changed every 3000 miles with some recommending every 5000 miles. The following estimate is based on changing your oil 4 times per year at $25.00 each time.
..
$100.00

Maintenance & Repairs: Budget some money for maintenance and repairs even if you don't expect anything to break. It is a good practice to have money set aside for repair of your vehicle, or to cover scheduled maintenance cost. It is not uncommon to have repairs cost several hundred dollars if something breaks. If your vehicle is fairly new, you probably won't experience too many repairs since most repairs would be covered under Warranty, but you would still have to cover the cost of routine maintenance. The following is the recommended amount that you should put aside each year to cover future maintenance & repair costs.
.+
$300.00

Tires: Tires last from 40,000 to 60,000 miles. Make sure you set aside money each year for your tire fund.
.+
$100.00

Car Wash & Wax: Determine how often you want to run your vehicle through the car wash. Once every two weeks or 26 washes per year (x) times $8.00 for each wash = $208.00 per year.
+
$208.00

Total Maintenance & Repair cost per year:
$708.00

Total Monthly Maintenance & Repair cost: Divide (÷) $708.00 by 12 months = $59.00 per month for Maintenance & Repairs
.
$59.00



Breakdown of Costs: Gasoline

The yearly & monthly cost for gasoline for your vehicle is based on driving the vehicle 12,000 miles per year.

  • To determine the number of gallons of gasoline used per year: divide (÷) 12,000 miles by 26.5 Combined City & Highway mpg (listed above) = approximately 453 gallons of gasoline used per year.
  • To determine the number of gallons of gasoline used per month: divide (÷) 453 gallons by 12 months = approximately 38 gallons of gasoline used each month.
  • To determine the cost of gasoline used each month of the year: multiply (x) the current cost per gallon of gasoline _$______ by 38 gallons = your cost per month. (hint, ask your teacher for the current cost per gallon of gasoline)

 




6. $155.43 per month car payment

 
1988 Chevrolet Camaro Z28 Convertible:

Sticker Price: $3,500.00
Odometer Reading: 27,798 Miles
Miles Per Gallon of Gasoline (mpg):

15 City (mpg)
23 Highway (mpg)
19 Combined City & Highway (mpg)

 

 


Breakdown of Costs: Car Payment

Sticker Price of the Vehicle
.
$3,500.00
Plus Motor Vehicle Excise Tax*
+
$175.00
Total
  
$3,675.00
Minus 5% down payment
-
$183.75
Equals the amount to be financed
=
$3,491.25

Financing Terms: 24 month used car loan at 6.44% Interest (excellent credit only)

Total Payment: $155.43 per month for 24 months

*Motor Vehicle Excise Tax - The purchase price of any motor vehicle for use on North Dakota streets or highways is subject to a motor vehicle excise tax if the vehicle is required to be registered in North Dakota. The motor vehicle excise tax is 5% of the purchase price (the sales price less any trade-in amount) or, if the vehicle is acquired by means other than purchase, the tax is five percent of the fair market value.



Breakdown of Costs: Car Insurance

Male:
   $115.00 per month*
Female:
 . $104.00 per month*

*Estimated full coverage monthly insurance premium for this vehicle for a male or female age 18 with a clean driving record living on their own. Please note that insurance rates vary by area in which you live. The above estimate is for a rural area. Actual cost of car insurance will be much higher in metropolitan areas.


Breakdown of Costs: Registration Fee & License Plates

Your registration fee is based on the weight of your vehicle and the year it is first registered (model year has no bearing). Please budget $60.00 (paid once a year) to cover the cost of registration and License Plates. To determine the monthly cost of your Registration Fee & License Plates: Divide (÷) $60.00 by 12 months = $5.00 per month for your Registration Fee & License Plates.



Breakdown of Costs: Car Maintenance

Most people drive their vehicle 10,000 - 15,000 miles per year (average). The following is a list of estimated yearly cost for Maintenance & Repairs of your vehicle based on driving your vehicle 12,000 miles per year. The yearly cost is then divided by 12 to figure an average monthly cost of maintenance.

Oil Change: Most manufacturers recommend that you have the oil changed every 3000 miles with some recommending every 5000 miles. The following estimate is based on changing your oil 4 times per year at $25.00 each time.
..
$100.00

Maintenance & Repairs: Budget some money for maintenance and repairs even if you don't expect anything to break. It is a good practice to have money set aside for repair of your vehicle, or to cover scheduled maintenance cost. It is not uncommon to have repairs cost several hundred dollars if something breaks. If your vehicle is fairly new, you probably won't experience too many repairs since most repairs would be covered under Warranty, but you would still have to cover the cost of routine maintenance. The following is the recommended amount that you should put aside each year to cover future maintenance & repair costs.
.+
$300.00

Tires: Tires last from 40,000 to 60,000 miles. Make sure you set aside money each year for your tire fund.
.+
$100.00

Car Wash & Wax: Determine how often you want to run your vehicle through the car wash. Once every two weeks or 26 washes per year (x) times $8.00 for each wash = $208.00 per year.
+
$208.00

Total Maintenance & Repair cost per year:
$708.00

Total Monthly Maintenance & Repair cost: Divide (÷) $708.00 by 12 months = $59.00 per month for Maintenance & Repairs
.
$59.00



Breakdown of Costs: Gasoline

The yearly & monthly cost for gasoline for your vehicle is based on driving the vehicle 12,000 miles per year.

  • To determine the number of gallons of gasoline used per year: divide (÷) 12,000 miles by 19 Combined City & Highway mpg (listed above) = approximately 632 gallons of gasoline used per year.
  • To determine the number of gallons of gasoline used per month: divide (÷) 632 gallons by 12 months = approximately 53 gallons of gasoline used each month.
  • To determine the cost of gasoline used each month of the year: multiply (x) the current cost per gallon of gasoline _$______ by 53 gallons = your cost per month. (hint, ask your teacher for the current cost per gallon of gasoline)




7. $381.66 per month car payment

 
2010 Toyota Prius Hybrid:

Sticker Price: $22,800.00
Odometer Reading: 0 Miles
Miles Per Gallon of Gasoline (mpg):

45 City (mpg)
48 Highway (mpg)
46 Combined City & Highway (mpg)

 


Breakdown of Costs: Car Payment

Sticker Price of the Vehicle
.
$22,800.00
Plus Motor Vehicle Excise Tax*
+
$1,140.00
Total
  
$23,940.00
Minus 5% down payment
-
$1,197.00
Equals the amount to be financed
=
$22,743.00

Financing Terms: 72 month new car loan at 6.44% Interest (excellent credit only)

Total Payment: $381.66 per month for 72 months

*Motor Vehicle Excise Tax - The purchase price of any motor vehicle for use on North Dakota streets or highways is subject to a motor vehicle excise tax if the vehicle is required to be registered in North Dakota. The motor vehicle excise tax is 5% of the purchase price (the sales price less any trade-in amount) or, if the vehicle is acquired by means other than purchase, the tax is five percent of the fair market value.



Breakdown of Costs: Car Insurance

Male:
   $331.62 per month*
Female:
 . $302.62 per month*

*Estimated full coverage monthly insurance premium for this vehicle for a male or female age 18 with a clean driving record living on their own. Please note that insurance rates vary by area in which you live. The above estimate is for a rural area. Actual cost of car insurance will be much higher in metropolitan areas.


Breakdown of Costs: Registration Fee & License Plates

Your registration fee is based on the weight of your vehicle and the year it is first registered (model year has no bearing). Please budget $150.00 (paid once a year) to cover the cost of registration and License Plates. To determine the monthly cost for your Registration Fee & License Plates: Divide (÷) $150.00 by 12 months = $12.50 per month for your Registration Fee & License Plates.


Breakdown of Costs: Car Maintenance

Most people drive their vehicle 10,000 - 15,000 miles per year (average). The following is a list of estimated yearly cost for Maintenance & Repairs of your vehicle based on driving your vehicle 12,000 miles per year. The yearly cost is then divided by 12 to figure an average monthly cost of maintenance.

Oil Change: Most manufacturers recommend that you have the oil changed every 3000 miles with some recommending every 5000 miles. The following estimate is based on changing your oil 4 times per year at $25.00 each time.
..
$100.00

Maintenance & Repairs: Budget some money for maintenance and repairs even if you don't expect anything to break. It is a good practice to have money set aside for repair of your vehicle, or to cover scheduled maintenance cost. It is not uncommon to have repairs cost several hundred dollars if something breaks. If your vehicle is fairly new, you probably won't experience too many repairs since most repairs would be covered under Warranty, but you would still have to cover the cost of routine maintenance. The following is the recommended amount that you should put aside each year to cover future maintenance & repair costs.
.+
$300.00

Tires: Tires last from 40,000 to 60,000 miles. Make sure you set aside money each year for your tire fund.
.+
$100.00

Car Wash & Wax: Determine how often you want to run your vehicle through the car wash. Once every two weeks or 26 washes per year (x) times $8.00 for each wash = $208.00 per year.
+
$208.00

Total Maintenance & Repair cost per year:
$708.00

Total Monthly Maintenance & Repair cost: Divide (÷) $708.00 by 12 months = $59.00 per month for Maintenance & Repairs
.
$59.00



Breakdown of Costs: Gasoline

The yearly & monthly cost for gasoline for your vehicle is based on driving the vehicle 12,000 miles per year.

  • To determine the number of gallons of gasoline used per year: divide (÷) 12,000 miles by 46 Combined City & Highway mpg (listed above) = approximately 261 gallons of gasoline used per year.
  • To determine the number of gallons of gasoline used per month: divide (÷) 261 gallons by 12 months = approximately 22 gallons of gasoline used each month.
  • To determine the cost of gasoline used each month of the year: multiply (x) the current cost per gallon of gasoline _$______ by 22 gallons = your cost per month. (hint, ask your teacher for the current cost per gallon of gasoline)

 




8. $214.28 per month car payment

 
2004 Chevrolet Cavalier:

Sticker Price: $6,995.00
Odometer Reading: 49,284 Miles
Miles Per Gallon of Gasoline (mpg):

24 City (mpg)
34 Highway (mpg)
29 Combined City & Highway (mpg)

 


Breakdown of Costs: Car Payment

Sticker Price of the Vehicle
.
$6,995.00
Plus Motor Vehicle Excise Tax*
+
$349.75
Total
  
$7,344.75
Minus 5% down payment
-
$367.24
Equals the amount to be financed
=
$6,977.51

Financing Terms: 36 month car loan at 6.44% Interest (excellent credit only)

Total Payment: $214.28 per month for 36 months

*Motor Vehicle Excise Tax - The purchase price of any motor vehicle for use on North Dakota streets or highways is subject to a motor vehicle excise tax if the vehicle is required to be registered in North Dakota. The motor vehicle excise tax is 5% of the purchase price (the sales price less any trade-in amount) or, if the vehicle is acquired by means other than purchase, the tax is five percent of the fair market value.



Breakdown of Costs: Car Insurance

Male:
   $329.32 per month*
Female:
 . $272.49 per month*

*Estimated full coverage monthly insurance premium for this vehicle for a male or female age 18 with a clean driving record living on their own. Please note that insurance rates vary by area in which you live. The above estimate is for a rural area. Actual cost of car insurance will be much higher in metropolitan areas.


Breakdown of Costs: Registration Fee & License Plates

Your registration fee is based on the weight of your vehicle and the year it is first registered (model year has no bearing). Please budget $80.00 (paid once a year) to cover the cost of registration and License Plates. To determine the monthly cost for your Registration Fee & License Plates: Divide (÷) $80.00 by 12 months = $6.67 per month for your Registration Fee & License Plates.


Breakdown of Costs: Car Maintenance

Most people drive their vehicle 10,000 - 15,000 miles per year (average). The following is a list of estimated yearly cost for Maintenance & Repairs of your vehicle based on driving your vehicle 12,000 miles per year. The yearly cost is then divided by 12 to figure an average monthly cost of maintenance.

Oil Change: Most manufacturers recommend that you have the oil changed every 3000 miles with some recommending every 5000 miles. The following estimate is based on changing your oil 4 times per year at $25.00 each time.
..
$100.00

Maintenance & Repairs: Budget some money for maintenance and repairs even if you don't expect anything to break. It is a good practice to have money set aside for repair of your vehicle, or to cover scheduled maintenance cost. It is not uncommon to have repairs cost several hundred dollars if something breaks. If your vehicle is fairly new, you probably won't experience too many repairs since most repairs would be covered under Warranty, but you would still have to cover the cost of routine maintenance. The following is the recommended amount that you should put aside each year to cover future maintenance & repair costs.
.+
$300.00

Tires: Tires last from 40,000 to 60,000 miles. Make sure you set aside money each year for your tire fund.
.+
$100.00

Car Wash & Wax: Determine how often you want to run your vehicle through the car wash. Once every two weeks or 26 washes per year (x) times $8.00 for each wash = $208.00 per year.
+
$208.00

Total Maintenance & Repair cost per year:
$708.00

Total Monthly Maintenance & Repair cost: Divide (÷) $708.00 by 12 months = $59.00 per month for Maintenance & Repairs
.
$59.00



Breakdown of Costs: Gasoline

The yearly & monthly cost for gasoline for your vehicle is based on driving the vehicle 12,000 miles per year.

  • To determine the number of gallons of gasoline used per year: divide (÷) 12,000 miles by 29 Combined City & Highway mpg (listed above) = approximately 414 gallons of gasoline used per year.
  • To determine the number of gallons of gasoline used per month: divide (÷) 414 gallons by 12 months = approximately 34 gallons of gasoline used each month.
  • To determine the cost of gasoline used each month of the year: multiply (x) the current cost per gallon of gasoline _$______ by 34 gallons = your cost per month. (hint, ask your teacher for the current cost per gallon of gasoline)




9. $197.27 per month car payment

 
2002 Toyota Corolla:

Sticker Price: $8,349.00
Odometer Reading: 61,849 Miles
Miles Per Gallon of Gasoline (mpg):

29-32 City (mpg)
33-41 Highway (mpg)
34 Combined City & Highway (mpg)

 


Breakdown of Costs: Car Payment

Sticker Price of the Vehicle
.
$8,349.00
Plus Motor Vehicle Excise Tax*
+
$417.45
Total
  
$8,766.45
Minus 5% down payment
-
$438.32
Equals the amount to be financed
=
$8,328.13

Financing Terms: 48 month car loan at 6.44% Interest (excellent credit only)

Total Payment: $197.27 per month for 48 months

*Motor Vehicle Excise Tax - The purchase price of any motor vehicle for use on North Dakota streets or highways is subject to a motor vehicle excise tax if the vehicle is required to be registered in North Dakota. The motor vehicle excise tax is 5% of the purchase price (the sales price less any trade-in amount) or, if the vehicle is acquired by means other than purchase, the tax is five percent of the fair market value.



Breakdown of Costs: Car Insurance

Male:
   $219.95 per month*
Female:
 . $213.42 per month*

*Estimated full coverage monthly insurance premium for this vehicle for a male or female age 18 with a clean driving record living on their own. Please note that insurance rates vary by area in which you live. The above estimate is for a rural area. Actual cost of car insurance will be much higher in metropolitan areas.


Breakdown of Costs: Registration Fee & License Plates

Your registration fee is based on the weight of your vehicle and the year it is first registered (model year has no bearing). Please budget $75.00 (paid once a year) to cover the cost of registration and License Plates. To determine the monthly cost for your Registration Fee & License Plates: Divide (÷) $75.00 by 12 months = $6.25 per month for your Registration Fee & License Plates.


Breakdown of Costs: Car Maintenance

Most people drive their vehicle 10,000 - 15,000 miles per year (average). The following is a list of estimated yearly cost for Maintenance & Repairs of your vehicle based on driving your vehicle 12,000 miles per year. The yearly cost is then divided by 12 to figure an average monthly cost of maintenance.

Oil Change: Most manufacturers recommend that you have the oil changed every 3000 miles with some recommending every 5000 miles. The following estimate is based on changing your oil 4 times per year at $25.00 each time.
..
$100.00

Maintenance & Repairs: Budget some money for maintenance and repairs even if you don't expect anything to break. It is a good practice to have money set aside for repair of your vehicle, or to cover scheduled maintenance cost. It is not uncommon to have repairs cost several hundred dollars if something breaks. If your vehicle is fairly new, you probably won't experience too many repairs since most repairs would be covered under Warranty, but you would still have to cover the cost of routine maintenance. The following is the recommended amount that you should put aside each year to cover future maintenance & repair costs.
.+
$300.00

Tires: Tires last from 40,000 to 60,000 miles. Make sure you set aside money each year for your tire fund.
.+
$100.00

Car Wash & Wax: Determine how often you want to run your vehicle through the car wash. Once every two weeks or 26 washes per year (x) times $8.00 for each wash = $208.00 per year.
+
$208.00

Total Maintenance & Repair cost per year:
$708.00

Total Monthly Maintenance & Repair cost: Divide (÷) $708.00 by 12 months = $59.00 per month for Maintenance & Repairs
.
$59.00



Breakdown of Costs: Gasoline

The yearly & monthly cost for gasoline for your vehicle is based on driving the vehicle 12,000 miles per year.

  • To determine the number of gallons of gasoline used per year: divide (÷) 12,000 miles by 34 Combined City & Highway mpg (listed above) = approximately 353 gallons of gasoline used per year.
  • To determine the number of gallons of gasoline used per month: divide (÷) 353 gallons by 12 months = approximately 29 gallons of gasoline used each month.
  • To determine the cost of gasoline used each month of the year: multiply (x) the current cost per gallon of gasoline _$______ by 29 gallons = your cost per month. (hint, ask your teacher for the current cost per gallon of gasoline)




10. $203.81 per month motorcycle payment

 
2010 Honda CBR600RR:

Sticker Price: $8,000.00
Odometer Reading: 3,249 Miles
Miles Per Gallon of Gasoline (mpg):

30 City & Highway combined (mpg)

 


Breakdown of Costs: Motorcycle Payment

Sticker Price of the Vehicle
.
$8,000.00
Plus Motor Vehicle Excise Tax*
+
$411.10
Total
  
$8,411.10
Minus 5% down payment
-
$420.56
Equals the amount to be financed
=
$7,990.54

Financing Terms: 48 month Motorcycle loan at 10.30% Interest (excellent credit only)

Total Payment: $203.81 per month for 48 months

*Motor Vehicle Excise Tax - The purchase price of any motor vehicle for use on North Dakota streets or highways is subject to a motor vehicle excise tax if the vehicle is required to be registered in North Dakota. The motor vehicle excise tax is 5% of the purchase price (the sales price less any trade-in amount) or, if the vehicle is acquired by means other than purchase, the tax is five percent of the fair market value.



Breakdown of Costs: Motorcycle Insurance

Male
:
   $2,350.00 for a 12 month policy*
$2,350.00 divided (÷) by 12 months = $195.83 per month
Female:
 . $2,350.00 for a 12 month policy*
$2,350.00 divided (÷) by 12 months = $195.83 per month

*Estimated full coverage monthly insurance premium for this vehicle for a male or female age 18 with a clean driving record living on their own. Please note that insurance rates vary by area in which you live. The above estimate is for a rural area. Actual cost of car insurance will be much higher in metropolitan areas.


Breakdown of Costs: Registration Fee & License Plates

Your registration fee is based on the weight of your vehicle and the year it is first registered (model year has no bearing). Please budget $75.00 (paid once a year) to cover the cost of registration and License Plates. To determine the monthly cost for your Registration Fee & License Plates: Divide (÷) $75.00 by 12 months = $6.25 per month for your Registration Fee & License Plates.


Breakdown of Costs: Motorcycle Maintenance

Most people drive their motorcycle approximately 5,000 miles per year (average according to the Kelly Blue Book). The following is a list of estimated yearly cost for Maintenance & Repairs of your motorcycle based on driving your vehicle 5,000 miles per year. The yearly cost is then divided by 12 to figure an average monthly cost of maintenance.

Oil Change: Most manufacturers recommend that you have the oil changed every 3000 miles with some recommending every 5000 miles. The following estimate is based on changing your oil 2 times per year at $25.00 each time.
..
$50.00

Maintenance & Repairs: Budget some money for maintenance and repairs even if you don't expect anything to break. It is a good practice to have money set aside for repair of your vehicle, or to cover scheduled maintenance cost. It is not uncommon to have repairs cost several hundred dollars if something breaks. If your motorcycle is fairly new, you probably won't experience too many repairs since most repairs would be covered under warranty, but you would still have to cover the cost of routine maintenance. The following is the recommended amount that you should put aside each year to cover future maintenance & repair costs.
.+
$150.00

Tires: Tires last approximately 6 years. Make sure you set aside money each year for your tire fund.
.+
$25.00

Motorcycle Wash & Wax: Determine how often you want to hand wash your motorcycle. Once every two weeks or 26 washes per year (x) times $3.00 for each wash = $78.00 per year.
+
$78.00

Total Maintenance & Repair cost per year:
$303.00

Total Monthly Maintenance & Repair cost: Divide (÷) $303.00 by 12 months = $25.25 per month for Maintenance & Repairs
.
$25.25



Breakdown of Costs: Gasoline

The yearly & monthly cost for gasoline for your vehicle is based on driving the vehicle 5,000 miles per year.

  • To determine the number of gallons of gasoline used per year: divide (÷) 5,000 miles by 30 Combined City & Highway mpg (listed above) = approximately 167 gallons of gasoline used per year.
  • To determine the number of gallons of gasoline used per month: divide (÷) 167 gallons by 12 months = approximately 14 gallons of gasoline used each month.
  • To determine the cost of gasoline used each month of the year: multiply (x) the current cost per gallon of gasoline _$______ by 14 gallons = your cost per month. (hint, ask your teacher for the current cost per gallon of gasoline)




11. $90.41 per month motorcycle payment

 
2011 Buddy Scooter:

Sticker Price: $1999.00
Odometer Reading: 0 Miles
Miles Per Gallon of Gasoline (mpg):

100 (mpg)

 


Breakdown of Costs: Scooter Payment

Sticker Price of the Vehicle
.
$1,999.00
Plus Motor Vehicle Excise Tax*
+
$99.95
Total
  
$2,098.95
Minus 5% down payment
-
$104.95
Equals the amount to be financed
=
$1,994.00

Financing Terms: 24 month Scooter loan at 8.25% Interest (excellent credit only)

Total Payment: $90.41 per month for 24 months

*Motor Vehicle Excise Tax - The purchase price of any motor vehicle for use on North Dakota streets or highways is subject to a motor vehicle excise tax if the vehicle is required to be registered in North Dakota. The motor vehicle excise tax is 5% of the purchase price (the sales price less any trade-in amount) or, if the vehicle is acquired by means other than purchase, the tax is five percent of the fair market value.



Breakdown of Costs: Scooter Insurance

Male:

   $217.00 for a 12 month policy*
$217.00 divided (÷) by 12 months = $18.08 per month
Female:
 . $217.00 for a 12 month policy*
$217.00 divided (÷) by 12 months = $18.08 per month

*Estimated monthly insurance premium for this vehicle for a male or female age 18 with a clean driving record living on their own. Please note that insurance rates vary by area in which you live. The above estimate is for a rural area. Actual cost of car insurance will be much higher in metropolitan areas.


Breakdown of Costs: Registration Fee & License Plates

Your registration fee is based on the weight of your vehicle and the year it is first registered (model year has no bearing). Please budget $30.00 (paid once a year) to cover the cost of registration and License Plates. To determine the monthly cost for your Registration Fee & License Plates: Divide (÷) $30.00 by 12 months = $2.50 per month for your Registration Fee & License Plates.


Breakdown of Costs: Scooter Maintenance

Most people drive their scooter approximately 3,000 - 5,000 miles per year (average). The following is a list of estimated yearly cost for Maintenance & Repairs of your scooter based on driving your scooter 3,000 miles per year. The yearly cost is then divided by 12 to figure an average monthly cost of maintenance.

Oil Change: Most manufacturers recommend that you have the oil changed every 3000 miles with some recommending every 5000 miles. The following estimate is based on changing your oil once per year at $25.00 each time.
..
$25.00

Maintenance & Repairs: Budget some money for maintenance and repairs even if you don't expect anything to break. It is a good practice to have money set aside for repair of your vehicle, or to cover scheduled maintenance cost. It is not uncommon to have repairs cost several hundred dollars if something breaks. If your motorcycle is fairly new, you probably won't experience too many repairs since most repairs would be covered under warranty, but you would still have to cover the cost of routine maintenance. The following is the recommended amount that you should put aside each year to cover future maintenance & repair costs.
.+
$75.00

Tires: Tires last approximately 6 years. Make sure you set aside money each year for your tire fund.
.+
$20.00

Scooter Wash & Wax: Determine how often you want to hand wash your motorcycle. Once every two weeks or 26 washes per year (x) times $3.00 for each wash = $78.00 per year.
+
$78.00

Total Maintenance & Repair cost per year:
$198.00

Total Monthly Maintenance & Repair cost: Divide (÷) $303.00 by 12 months = $25.25 per month for Maintenance & Repairs
.
$16.50



Breakdown of Costs: Gasoline

The yearly & monthly cost for gasoline for your vehicle is based on driving the vehicle 3,000 miles per year.

  • To determine the number of gallons of gasoline used per year: divide (÷) 3,000 miles by 100 Combined City & Highway mpg (listed above) = approximately 30 gallons of gasoline used per year.
  • To determine the number of gallons of gasoline used per month: divide (÷) 30 gallons by 12 months = approximately 3 gallons of gasoline used each month.
  • To determine the cost of gasoline used each month of the year: multiply (x) the current cost per gallon of gasoline _$______ by 3 gallons = your cost per month. (hint, ask your teacher for the current cost per gallon of gasoline)

 


12. $18.00 per month Bicycle payment

 
Schwinn Bicycle :

Sticker Price: $205.60


 

 


Breakdown of Costs: Bicycle Payment

Sticker Price of the Bicycle
.
$205.60
Plus 7% Sales Tax*
+
$14.39
Total
  
$219.99
Minus down payment
-
$19.99
Equals the amount to be financed
=
$200.00

Financing Terms: 12 month loan at 11.00% Interest (excellent credit only)

Total Payment: $18.00 per month for 12 months

*Motor Vehicle Excise Tax - The purchase price of any motor vehicle for use on North Dakota streets or highways is subject to a motor vehicle excise tax if the vehicle is required to be registered in North Dakota. The motor vehicle excise tax is 5% of the purchase price (the sales price less any trade-in amount) or, if the vehicle is acquired by means other than purchase, the tax is five percent of the fair market value.

 

 



13. $50.00 per month for (2 books City Bus Passes)

 
Public Transportation :

Book of 25 City Bus Passes: $25.00


 

Insurance quotes for this project came from http://www.edmunds.com/auto-insurance/

Copyright © 2008, Steve Beutler, All rights reserved. Permission granted to use for educational purposes. This web site is NOT to be used for financial gain.