Gwynne's Hot Wheels
Hr. 2 Nathan
My Job and Salary
I am an author and I make $55,000 a year.
Yearly and Monthly totals
These are the amounts that I will be spending yearly and monthly. Here is also where I figured out how much money I had for my car payment.
These are the total amounts of money I found that I could spend on my new car. I used the monthly amount that I could afford for my car payment, and then put it into the equation.
My car is a 2015 Fiat 500 Pop. It costs $17,495, which fits right between my 3 year and 4 year options.
I chose to go with a four year loan, because I could afford it. I also thought that it would be better than a five year because I could pay it off faster. I did not go with the three year loan because that was not in my budget. I figured this out by putting in the total amount of the car I chose, and solving for R.
By the time I have payed of my loan, I will have payed $18,867.36 all together. I found this out by multiplying my monthly amount by twelve to make up a year. Then I multiplied that by four for the total amount of years I had to pay.