Hot Wheels

Beat That!

With a $65,000 yearly salary, I can afford:

Yearly/Monthly

Housing: $22,750/$1,895.83

Taxes: $16,250/$1354.16

Transportation:

-Payment: $6,500/$541.66

-Other: $3,250/$270.83

Food: $9,750/$812.50

Savings: $3,250/$270.83

Medical: $1,950/$162.50

Misc: $1,300/$108.33

Total amount that can be afforded for a car given 3, 4, or 5 year loans:

3 year loan: $18,405.73

4 year loan: $24,108.76

5 year loan: $29,592

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Minimum monthy payments:

3 year loan: $645.52

4 year loan: $493.09

5 year loan: $401.72

My chocies:

I chose a 4 year loan.


I will pay $23,668.32 for my car over the course of the loan.

Extra credit:

The 0% interest option would result in paying $408.60 a month, whereas the $4000 rebate choice would result in a $375.52 monthly payment. Therefore, the rebate is a better deal.

~Lindsay Lanaman~