A student bought a used car for $10,000 and resold it one year later for $6,500 . Insurance, license, and operating costs for the year were $1,500 . What was his economic cost of owning and operating the car for the year if the market rate of interest was 10 percent?

a. $3,500
b. $5,000
c. $6,000
d. $8,500


C

Economics

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Economics