Cost Of Fuel For Your Vehicle - Gas Mileage Worksheet Page 2

How much will your new car cost?

When buying a vehicle, in addition to the price of the car there is the cost of borrowing money.

Using a financial calculator the following formula will help you figure the cost of a car loan.

Put in the amount of money you will need to borrow: _________

Press PV

Put in the interest rate: _______ (current bank rates vary from 6.25% to 8.25% interest.)

Divide this by 12 (to get the interest rate per payment period, in this case every month)

Press =

Press I/Y

Determine how many payments there will be. Put in that number. ____

Press N

For the calculator to figure the cost

Press CPT then PMT.

This will give you the monthly payment.

The costs of running and maintaining a car will vary with the age of the car, how many miles it is

driven and the type of driving that is being done (city vs. highway for example.)

University of Alaska Fairbanks Cooperative Extension Service programs are available to all without regard to race, color, age, sex, creed, national origin, or disability and in accordance with all applicable federal

laws. Issued in furtherance of Cooperative Extension work, acts of May 8 and June 30, 1914, in cooperation with the U.S. Department of Agriculture, Pete Pinney, Interim Provost for Outreach and Director of

Cooperative Extension, University of Alaska Fairbanks.