Hot Wheels

By Lucy Masters

Salary

$40,000
Big image

Annual/Monthly Payments

Housing 35%: $14,000/$1166

Taxes 25%: $10,000/$833

Transportation 10%: $4000/$333

Transportation other 5%: $2000/ $166

Food 15%: $6000/$500

Savings 5%: $2000/$166

Medical 3%: $1200/ $100

Misc 2%: $800/ $66

Car Payment

Yearly: $4,000

Monthly:$333.33

What can I afford?

3 year

PV: $333.33

PV: $11,332.78


4 year

PV: $333.33

PV: $14,836.19


5 year

PV: $333.33

PV: $18,210.85

The car I found costs: $13,999

Monthly Payments

3 year

R=$411.76

Can not afford


4 year

R=$314.58

Within budget


5 year

R=$256.25

Within budget

What I will actually spend on the car over the course of the loan

I chose the 4 year loan so I will pay a total of (314.58)(12)(4)= $15,099.84

http://www.autotrader.com/cars-for-sale/vehicledetails.xhtml?zip=66118&endYear=2016&showcaseOwnerId=57437490&startYear=1981&searchRadius=25&maxPrice=14000&showcaseListingId=398349781&listingId=394720681&Log=0