HOT WHEELZ
by Owen
Salary: $30,00
Yearly/ monthly budget-
taxes- $7,500/$625
Housing- $10,500/ $875
Food- $4,500/ $ 375
Savings- $1,500/ $125
Transportation- $4,500/ $375
Payment- $3,000/ $250
Other- $ 1,500/ $125
Medical- $900/ $75
Miscellaneous- $600/ $50
Car Payment-
Yearly- $3,000
Monthly- $250
What can I afford?
3 year- $8,499.67
4 year- $11,127.25
5 year- $13,658.27
The car i found costs $12,500.
Monthly payments-
3 year- $367.67
4 year- $280.84
5 year- $228.80
What will I actually spend on the car over the course of the loan?
I chose a 5 year loan therefore, I will pay
(228.8)(12*5)=
$13,728 over the course of the loan.