Wilma would need $6,165 for the first year to cover the monthly car loan payment of $395, the insurance fee of $105 per month (totaling $1,260 annually), and the annual car registration fee of $165.
To calculate how much money Wilma would need to purchase her new car, we need to consider her monthly loan payment, insurance fee, and registration fee. Initially, the monthly loan payment is $395, and the insurance fee is $105 per month. To find the yearly cost of insurance, we multiply the monthly insurance fee by 12 months, resulting in $1,260 annually. Next, the registration fee of $165 is paid annually. Therefore, for the first year, Wilma would need a total amount which is the sum of the monthly loan payments for a year, the annual insurance payment, and the registration fee.
Let's do the calculation step-by-step:
Annual loan payment: $395 x 12 = $4,740
Annual insurance payment: $105 x 12 = $1,260
Annual registration fee: $165
Adding these amounts together gives Wilma the total cost for the first year:
$4,740 + $1,260 + $165 = $6,165.
Therefore, Wilma would need $6,165 for the first year of purchasing this car.
The question probably maybe:
Suppose that Wilma is considering purchasing a new car with a monthly loan payment of $395. Her current insurance provider quotes a fee of $105 per month, and the registration fee in her state is $165 per year. How much money would she need if she considers purchasing this car?