Maths a Financial Maths Assignment

Topics: Automobile, Currency, Gasoline Pages: 7 (1396 words) Published: August 26, 2013
Year 11 Mathematics
Financial Maths
Year 11 Mathematics
Financial Maths

Fiona Pulea
Fiona Pulea

TASK 1: Finding your ideal car (Level 1) (KD1, 2, CD1, MD1)
Imagine you are an eighteen year old who has just finished school and would like to purchase your first car. Select the make and model of a second hand car which is less than six years old, that you would like to own. (Be reasonable!) You can obtain car prices from a website such as:

* http://www.redbookasiapacific.com/au/
* http://carsguide.news.com.au/
* http://www.carprices.com/
Paste the image of the car including the price below. (*Every student must have a different car and there should be no prices which are exactly the same as any other student in the class. Check with Mr Mellor for approval before proceeding after choosing your car.) $9,950.00

2010 Model
Hyundai i20
Odometer: 43,930
$9,950.00
2010 Model
Hyundai i20
Odometer: 43,930

$16,990.00
2012 Model
Holden Cruze
Odometer: 48,685
$16,990.00
2012 Model
Holden Cruze
Odometer: 48,685

$25,900.00
2010 Model
Toyota Hilux
Odometer: 80,614
$25,900.00
2010 Model
Toyota Hilux
Odometer: 80,614

1. Find out how much the car is likely to depreciate each year.

Car 1 – Hyundai i20:

Car 2 – Holden Cruze:

Car 3 – Toyota Hilux:

2. Contact an insurer (or research on internet) to find out how much car insurance would cost for an 18-year-old. (attach print out evidence)

*see attached*

3. Check with a local service station to find the cost of services and ask a service station operator how much you are likely to spend on repairs

Car 1:

Car 2:

Car 3:

4. Find out the typical fuel consumption for the car(s) you have chosen and estimate the number of kilometres you are likely to travel in a year. (show break down of calculations)

Car 1 – Hyundai i20:
Full tank capacity: 53.63L
Uses: 4.23L/100km
The average adult in Queensland travels 14900km per year.
The average unleaded fuel price is $1.55 in Cairns.
14900 ÷ 100 = 149
149 x 4.23L = 630.27L
-
630.27 x $1.55 = $976.92
Therefore, with the average unleaded fuel price in Cairns being $1.55, driving a Hyundai i20, you will spend $976.92 on fuel every year.

Car 2 – Holden Cruze
Fuel tank capacity: 60L
Uses: 7.4L/100km
The average adult in Queensland travels 14900km per year.
The average unleaded fuel price is $1.55 in Cairns.
14900 ÷ 100 = 149
149 x 7.4L = 1102.6L
-
1102.6 x $1.55 = $1709.03
Therefore, with the average unleaded fuel price in Cairns being $1.55, driving a Holden Cruze, you will spend $1709.03 on fuel every year.

Car 3 – Toyota Hilux
Fuel tank capacity: 76L
Uses: 8.1L/100km
The average adult in Queensland travels 14900km per year.
The average diesel fuel price is $1.58 in Cairns.
14900 ÷ 100 = 149
149 x 8.1L = 1206.9L
-
1206.9 x $1.58 = $1906.90
Therefore, with the average diesel fuel price in Cairns being $1.58, driving a Toyota Hilux, you will spend $1906.90 on fuel every year.

5. Contact Queensland Transport to find out how much registration (including third-party insurance) will cost a year. (attach print out evidence) According to the RACQ insurance, the prices for registration for cars in Queensland including compulsory third-party insurance and also traffic improvement fees annually are as following – * Small Car: $646.90

* Medium Car: $810.30
* Large Car: $987.80
*see attached registration table*

6. Ask the RACQ about the costs and benefits of being a member. Consider whether you would join. To do with motor vehicles, there are 3 different types of RACQ memberships which are roadside benefits, legal benefits and insurance benefits.

Roadside Benefits:
For RACQ Ultimate, you pay $253 a year which includes 24-hour roadside assist, insurance that covers any driver that drives the nominated vehicle and also coverage for any car that the...
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