The Hottest Wheels
Nathan Algebra 2 Hour 2
SALARY: $36,000
Max amount of yearly car payment: $3600
Max amount of monthly car payment: $300
Yearly/Monthly Budget
Housing:$12,000/$1,050
Taxes:$9,000/$750
Food:$5,400/$450
Savings:$1,800/$150
Medical:$1,080/$90
Transportation (total= $5,400/$450)
- payment: $3,600/$360
- other:$1,800/$150
3 YEAR LOAN
Total Amount that I can afford:
$10,199.61
4 YEAR LOAN
Total Amount that I can afford:
$13,352.71
5 YEAR LOAN
Total Amount that I can afford:
$16,389.93
JEEP COMPASS
I decided to buy a 2014 Jeep Compass for the price of $15,500.
This car has low mileage (22K) and is relatively new at an affordable price for my budget. Not only does the car have good quality within my budget, but also it's the type of car that I was looking for. In my opinion, this car truly has the hottest wheels.
"Check out This 2014 Jeep Compass on Autotrader." Autotrader. Autotrader, Inc., n.d. Web. 04 May 2015.
3 YEAR LOAN
The rate I can pay:
$455.90
This is more than I can afford.
4 YEAR LOAN
The rate I can pay:
$348.24
This is more than I can afford.
5 YEAR LOAN
The rate I can pay:
$283.71
This rate is within my monthly budget, so this is the plan I choose to pay for my car.
What I actually spent on the car over the course of the loan
(283.71)(60)= $17,022. 60
I spent an extra $1522.60 on my car!