Hanna's Hot Wheels
Mrs. Nathan → Hour 2
My Salary & Job
My salary is $36,000 a year. I picked a job as an Event Coordinator.
Year/Month Budget
Housing (35%) → $12,600 / $1,050
Taxes (25%) → $9,000 / $750
Transportation (15%) → $5,400 / $450
Car (10%) → $3,600 / $300
Gas (5%) → $1,800 / $150
Savings (5%) → $1,800 / $150
Medical (3%) → $1,080 / $90
Misc (2%) → $720 / $60
My Car Budget
For 3 Years → PV=$10,199.61
For 4 Years → PV=$13,352.71
For 5 Years → PV=$16,389.93
My Chosen Car - 2015 Nissan Versa
Where I Found My Car
Nissan, Glendale. 2015 Nissan Versa S Sedan. Retrieved from 2015 Nissan Versa. (n.d.). Retrieved May 2, 2015, from http://www.nissan1.com/details/New 2015 Nissan Versa S 3N1CN7AP0FL920924
Monthly Payments
For 3 Years → R=$376.93
This price is more than my budget.
For 4 Years → R=$287.97
I can afford this loan.
For 5 Years → R=$234.56
I can afford this loan.
My Choice
The 4 year loan plan.
(287.92)(12·4)=$13,820.16 over the course of the loan, which is $1,005.16 over the original price!