The addition of a turbocharger to a small v-6 engine that gets 18 miles per gallon of gasoline can boost its power to that of a v-8 engine and increase fuel efficiency at the same time. if bill will pay $800 to turbocharge his engine and his fuel efficiency increases by 3 miles per gallon, how many miles will he have to drive each month for 3 years in order to break even ? assume the cost of gasoline s $3.25 per gallon and interest rate is 1% per month.

Secured loans are protected by collateral security. examples: title loans where the borrower uses the car title as collateral security interest rates are lower and repayments are longer therefore risk is low as a collateral security is given as guarantee to the bank in case of failure to pay the loanunsecured loans are not protected by collateral security but it is given on the creditworthiness of the borrower, trusting that she/he will pay on time. examples; payday loans is a short term loan where the borrower lends money from the bank and pays is back when the borrower receives his/her wages.interest rates are high and repayments are shorter. but the risk is high as no collateral security is given as a guarantee to the bank for payment of the loan