Calculating Boat Costs: Splitting 60/40 & Time Usage

In summary, the individual is struggling with a calculation regarding the cost of maintaining a boat. They have agreed to split the cost with a friend in a 60/40 ratio, but will have the boat for a different amount of time. However, the actual cost to them on a weekly basis is still 60% of the total cost. The difference in time spent with the boat is not relevant to the agreed upon cost split.
  • #1
ger1
1
0
Hi, I am struggling with a calculation.
A boat costs x to maintain and I and a friend decide to split the costs 60/40, where I put in 60% of the cost.
However, I will have the boat less than my friend, he will have it 3/8 of the time and I will have it 5/8 of the time.

So what is my actual cost on a weekly basis - it doesn't seem right to just multiply 60% by 5/8.
 
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  • #2
ger said:
Hi, I am struggling with a calculation.
A boat costs x to maintain and I and a friend decide to split the costs 60/40, where I put in 60% of the cost.
However, I will have the boat less than my friend, he will have it 3/8 of the time and I will have it 5/8 of the time.

So what is my actual cost on a weekly basis - it doesn't seem right to just multiply 60% by 5/8.
You mean your friend will have the boat less than you since 3/8< 5/8. But if you have already agreed to pay 60% the "5/8 versus 3/8" is irrelevant. The cost to you is .6 times x.

(5/8= 0.625 or 62.5%. You should actually be paying 62.5% of the cost!)
 

1. How do I calculate the cost of splitting a boat 60/40?

The cost of splitting a boat 60/40 is determined by dividing the total cost of the boat by 100, then multiplying the result by 60 for the majority owner and 40 for the minority owner. For example, if the boat costs $10,000, the majority owner would pay $6,000 and the minority owner would pay $4,000.

2. What factors should I consider when calculating boat costs?

When calculating boat costs, you should consider the initial purchase price, maintenance and repair costs, insurance, docking fees, fuel costs, and any other expenses associated with owning and operating a boat.

3. How do I determine the time usage for each owner when splitting a boat 60/40?

The time usage for each owner can be determined by dividing the total usage time by 100, then multiplying the result by 60 for the majority owner and 40 for the minority owner. For example, if the boat is used for 100 hours, the majority owner would have 60 hours of usage and the minority owner would have 40 hours of usage.

4. Can the 60/40 split be adjusted for different usage or ownership arrangements?

Yes, the 60/40 split can be adjusted for different usage or ownership arrangements. For example, if one owner uses the boat more than the other, the split can be adjusted to reflect the difference in usage. Additionally, if there are more than two owners, the split can be adjusted accordingly.

5. Are there any other costs that should be considered when splitting a boat 60/40?

In addition to the initial purchase price and ongoing expenses, there may be other costs to consider when splitting a boat 60/40. These could include taxes, registration fees, and any upgrades or modifications made to the boat.

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