Hot Wheelz

Annie T. Algebra 2 Hour 2

My Salary and Job

My salary is $80,000.00 and I chose a job as a physicians assistant.

My Other Everyday Expenses

These are the expenses that I must keep in mind while buying a car. All of these expenses are priorities and must be taken into consideration before I look for a car to buy.

Housing (35%) : Yearly $28,000 Monthly $2333.33

Taxes (25%) : Yearly $20,000 Monthly $1666.67

Transportation for payment (10%) : Yearly $8000 Monthly $666.67

Transportation for other (5%) : Yearly $4000 Monthly $333.33

Food (15%) : Yearly $12,000 Monthly $1000

Savings (5%) : Yearly $4000 Monthly $333.33

Medical (3%) : Yearly $2400 Monthly $200

Miscellaneous (2%) : Yearly $1600 Monthly $133.33

WHAT IS MY CAR PAYMENT?

The yearly amount of money I can afford for a yearly car payment is $8,000.00. The monthly amount of money I can afford for a car payment is $666.67.

What can I Afford?

For 3 Years: PV= $22,665.90

I chose this 3 year option.

For 4 Years: PV= $29,672.83

For 5 Years: PV= $36,422.26

The Car I Chose- 2012 Jeep Wrangler with 29k miles. Cost: $21,998

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Monthly Payments

Monthly payments for 3 years: $647.03

This loan is within my budget. This is the loan that I chose.

Monthly payments for 4 years: $494.24

This loan is within my budget.

Monthly payments for 5 years: $402.65

This loan is within my budget.

My Choice

I chose a 3 year loan plan. Therefore, I will pay $23,293.08 over the course of the loan. This cost is $1,295.08 over the original price.


(647.03)(12*3)= $23,293.08