Gwynne's Hot Wheels

Hr. 2 Nathan

My Job and Salary

I am an author and I make $55,000 a year.
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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.
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Prices.

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:

My car is a 2015 Fiat 500 Pop. It costs $17,495, which fits right between my 3 year and 4 year options.
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Citations

Fiat 500L. (n.d.). Retrieved May 7, 2015, from http://en.wikipedia.org/wiki/Fiat_500L

Fiat 500L. (n.d.). Retrieved May 7, 2015, from http://en.wikipedia.org/wiki/Fiat_500L

2015 FIAT® 500 POP. (n.d.). Retrieved May 7, 2015, from http://www.fiatusa.com/en/500/pop/

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Loan 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.
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Grand Total

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.