For Sale: Used 1989 Chevrolet
For this project, each student was given a different salary and told to go buy a car. We we were supposed to figure out all our our taxes from the listed percentages yo know how much we could spend on the car yearly and monthly, if we got a 3-year, 4-year, or 5-year loan. I was given a $40,000 salary for a year. From this, I calculated that i could spend $4000 a year and $333 a month. From that, I figured for a 3-year loan i could spend $11,332.78, for a 4-year loan i could spend $14,836, and for a 5-year loan I could spend $19,511.63
The truck I chose is a 1989 Chevrolet Silverado with a great personality. You can find it here. It costs a whopping $980. For the 3-year plan I would only have to pay $28.82 a month to pay it off, and with the 4-year and 5-year, it's $22.01 and 17.93 respectively. With the 3-year loan the truck would cost me $1,038. With the 4-year loan it would cost me $1,057. With the 5-year loan it would cost me $1,076.