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/$166.66What 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.