Justin Lee Car Loan Plan Project

Hour 5 Algebra II

Yearly/Monthly Budget

  • Housing - Yearly : $35,000
Monthly : $2,916.66



  • Taxes - Yearly : $25,000
Monthly : $2,083.33




  • Transportation - Yearly : $15,000
Monthly : $1,250




  • Food - Yearly : $15,000
Monthly : $1,250




  • Saving - Yearly : $5,000
Monthly : $416.66




  • Medical - Yearly : $3,000
Monthly : $250




  • Miscellaneous - Yearly : $2,000
Monthly : $166.66

Annual Salary

$100,000

Total Amount

3 Year Plan -

$28,332.12


4 Year Plan -

$37,090.70


5 Year Plan -

$45,527.41

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Minimum Payment

3 Year Plan -

$1,176.51


4 Year Plan -

$898.69


5 Year Plan -

$732.15

Amount I Will Spend

Over the course of the 5 year loan, I will spend...


$43,929

Reasoning

The reason I picked the 5 year plan for my loan is because it is affordable and I do not have to spend all of my Transportation budget. It's always a good feeling to have a few dollars more than my actual budget.