Algebra 2 car project

Cole Slusher - Hour 2 - Nathan

Yearly/Monthly budget:

Salary: $100,000

taxes: $25000/$2083.34

housing: $35000/$2916.66

savings: $5000/$416.66

transportation (payment): $10000/$833.32

transportation (other): $5000/$416.66

medical: $3000/$250

miscellaneous: $2000/$166.66

What I can afford

3 year: PV=$28331.78 833.32(1-(1+.0375/12)^-12(3))/(.0375/12)

4 year: PV=$37090.26 833.32(1-(1+.0375/12)^-12(4))/(.0375/12)

5 year: PV=$45526.86 833.32(1-(1+.0375/12)^-12(5))/(.0375/12)

Cost of 2007 Porsche 911 Carrera http://goo.gl/zrRgGM


3 year 40,998=R 1205.87(1-(1+.0375/12)^-12(3))/(.0375/12) (322.55 over monthly budget)

4 year 40,998=R 921.12(1-(1+.0375/12)^-12(4))/(.0375/12) (87.80 over monthly budget)

5 year 40,998=R 750.42(1-(1+.0375/12)^-12(5))/(.0375/12)

Only 5 years is affordable when spending a maximum of $833.32 per month so this is the payment option I choose.