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 $2333.33Taxes (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?
The Car I Chose- 2012 Jeep Wrangler with 29k miles. Cost: $21,998
Where I Found my Car
Car Max retrieved from http://www.carmax.com/enus/view-car/default.html?id=11770814&AVi=1&No=0&Rp=R&D=50&zip=66204&N=4294963010+4294962920&sP=0-22000&Q=b18376af-472d-4332-a7ac-8e12656cf4b8&Ep=search:results:results retrieved May 6, 2015. 2012 Jeep Wrangler Sport.
Monthly Payments
Monthly payments for 3 years: $647.03
This loan is within my budget. This is the loan that I chose.
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