Final answer:
The difference between the current value and repair cost of a 3-year-old vehicle purchased for $9,950 is $2,280.
Step-by-step explanation:
The difference between the current value and repair cost of a 3-year-old vehicle purchased for $9,950 can be calculated as follows:
- First, find the current value of the vehicle. Since the vehicle is 3 years old, it may have depreciated in value. Let's say the depreciation rate is 20% per year. To calculate the current value, subtract the total depreciation from the original purchase price: $9,950 - (20% * 3 * $9,950) = $9,950 - $5,970 = $3,980.
- Next, subtract the repair cost of the vehicle from the current value. If the repair cost is $1,700, then the difference would be: $3,980 - $1,700 = $2,280.
Therefore, the difference between the current value and repair cost of the 3-year-old vehicle is $2,280.