Problem
Joe Smith is buying a new car for $15,000. Maintenance the first year is expected to be $100. In each year for the next 5 years, the costs are expected to increase by $75 per year, so that in the last year (year 6), the maintenance cost will be $475. If money is worth 10%, determine the EAC for the auto.
The response should include a reference list. Double-space, using Times New Roman 12 pnt font, one-inch margins, and APA style of writing and citations.