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Calculating Used car prices

Extracts from this document...

Introduction

Table:

Car Number

Price When New

Current Price

Age (years)

Percentage Loss

1

16000

7999

1

50

23

8785

1595

7

82

33

7310

1050

8

86

35

7875

1495

11

81

43

8748

1995

7

77

45

9105

2300

7

75

52

12125

4295

3

65

53

11800

4700

5

60

57

8680

3200

4

63

64

14505

8800

2

39

65

13230

8250

3

38

80

13183

3495

7

73

81

17780

7995

4

55

86

6590

1664

10

75

96

15405

3995

5

74

99

9995

2995

6

70

Graph:

image00.png

Equation of Line of Best Fit:  

Y= 4.2x + 43

Y= mx + c

Y=mx + 43

Gradient= Y/X = 37/8.9 = 4.2 (1.d.p)

Y= 4.2x + 43

E.g.:

Assume a car is 6 years old. How much is its current price if the car was bought new for £10,000?

%age loss = 4.2 x 6 +43

                  = 68%

money lost = 68% of 10,000

                   = £6,800  

new value = 10,000 – 6,800 image01.png

                 =£1,500

...read more.

Middle

29

65

53

11800

4700

34

60

57

8680

3200

27

63

64

14505

8800

7.2

39

65

13230

8250

34

38

80

13183

3495

43

73

81

17780

7995

30

55

86

6590

1664

37

75

96

15405

3995

57

74

99

9995

2995

64

70

Graph:

image02.png

Equation of Line of Best Fit:

Y= 0.5x + 45.5

Y=mx + c

Y=mx + 45.5

Gradient= Y/X = 34.5/76 = 0.5 (1.d.p)

Y= 0.5x + 45.5

E.g.:

Assume a car has done 40,000 miles. How much is its current price if the car was bought new for £8,000?

%age loss = 0.5 x 40 + 45.5

                  = 66%

Money lost = 66% of £8,000

                   = 5,280

New value = 8,000 – 5,280

                        = £2,720

Mean of Graph:

Mileage x 1000

Percentage Loss

7

50

63

82

90

86

74

81

80

77

84

75

29

65

34

60

27

63

7.2

39

34

38

43

73

30

55

37

75

57

74

64

70

47.513

66.438

MEAN

image02.png

Table:

Car number

Price When New

Current Price

Mileage x 1000

Percentage Loss

3

18580

7999

20

57

4

14325

6595

30

54

10

13510

7499

27

44

12

18140

6499

49

64

14

8900

4995

24

44

26

5599

1000

75

82

28

10150

850

73

92

47

13740

2900

58

79

84

7840

4976

21

37

85

7440

3495

55

53

93

18675

6995

63

63

97

9795

3191

43

67

100

4995

4995

52

63

Graph:image03.png

...read more.

Conclusion

I WOULD LIKE TO GET THE BEST POSSIBLE MARK BEACAUSE I HAVE WORKED HARD ON THIS COURSEWORK. IF YOU HAVE ANY EXAMINERS TIPS PLEASE HELP ME.

THANK YOU.

P.S THIS IS ONLY THE MIDDLE PART OF MY COURSEWORK SINCE I HAVE TO DO THE PLAN AND CONCLUSION, COULD YOU HELP ME ON THAT AS WELL THANK YOU.

...read more.

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