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

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For 3 Years → PV=$10,199.61

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For 4 Years → PV=$13,352.71

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For 5 Years → PV=$16,389.93

My Chosen Car - 2015 Nissan Versa

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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

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For 3 Years → R=$376.93

This price is more than my budget.
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For 4 Years → R=$287.97

I can afford this loan.
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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!