Business, 28.10.2020 17:00 michellestepp2001

A company is currently paying its employees $0.56 per mile to drive their own cars on company business. The company is considering supplying employees with cars, which would involve purchasing at $25,000 with an estimated three-year life, a net salvage value of $8,000, taxes and insurance at a cost of $1,200 per year, and operating and maintenance expenses of $0.30 per mile. If the interest rate is 10% and the company anticipates an employee’s annual travel to be 30,000 miles, what is the equivalent cost per mile (neglecting income taxes)?

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A company is currently paying its employees $0.56 per mile to drive their own cars on company busine...