Hot Wheels By Riley Corcoran
Salary: $120,000
Salary Budget (Per year)
Housing: $42,000
Taxes: $30,000
Transportation: $12,000 + $6,000
Food: $18,000
Savings: $6,000
Medical: $3,600
Misc: $2,400
Taxes: $30,000
Transportation: $12,000 + $6,000
Food: $18,000
Savings: $6,000
Medical: $3,600
Misc: $2,400
What Can I afford?
3 Year Loan: $33,998.68
4 Year Loan: $44,509.02
5 Year Loan: $54, 633.11
Monthly payment must be under: $1,000
4 Year Loan: $44,509.02
5 Year Loan: $54, 633.11
Monthly payment must be under: $1,000
2013 Porsche Cayenne Financing
3 Year Loan: $1470.59 Monthly Payment
4 Year Loan: $1123.32 Monthly Payment
**5 Year Loan: $915.16 Monthly Payment**
Initial cost of car: $49,998
Total spent on car over 5 year loan period: $49,998.04
4 Year Loan: $1123.32 Monthly Payment
**5 Year Loan: $915.16 Monthly Payment**
Initial cost of car: $49,998
Total spent on car over 5 year loan period: $49,998.04
Extra Problem!
Mrs. O’Connell wants to buy a new car that costs $24516.00. The car dealership is offering 0% interest for a 5 year loan. They also offer a $4000 rebate instead of 0% financing with 3.75% interest. Help Mrs. O’Connell determine which is the better deal? Show work and justify your answer.
Better Deal: Rebate!
Total paid:
0% Financing: $24,516
Rebate: $22,246.20