Hot Wheels

Spencer George Hour 5

Salary: $100,000

What I can afford

Based on the budget I was provided, I can afford a monthly payment of up to $833.33. Based on a 3 year loan I can afford up to $28,332.12.

Yearly/ Monthly Payments

Monthly Payment: $737.68

Yearly Payment: $8,852.16
Car Chosen (Cost): $25,080

Interest Rate

3.75%

Why I chose the 3 Year Plan

I chose this particular plan because I wanted to get the newest car I could that I could also pay for within 3 years. I did not want to pay the extra interest for 4 or 5 years. Based on my goal of paying for the car within 3 years I could afford to spend up to $28,000. I chose the car that I believe to be reliable and reasonable. It is a new car with a full warranty. It should last me at least 6-8 years. This car is a new 2015 white Jeep Cherokee.
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I will end up paying $26,556.48 over the course of the loan for the 3 year plan I have chosen