i want a car! use this calculator\nyou are on a budget. you are 18 years old and have just graduated high…

i want a car! use this calculator\nyou are on a budget. you are 18 years old and have just graduated high school. we will assume that you will be able to get a loan for this exercise.\nusing the car data supplied for you, figure out how much it will cost you to own a car\nthe purchase price for the new car is $48,000. the purchase price for the used car is $22,000\ninterest rates new car 4.0% apr\nused 12.9% apr\ncalculate for monthly payment. calculate for total interest paid over the length of the loan\ncalculate for total amount of repayment\nterm: monthly payment total interest total repayment\nnew used new used new used\n48 months $1084 $589 $4022 $6,277 $52022 $28277\n60 months $884 $489 $5040 $7,967 $53,040 $29967\n72 months $751 $440 $6070 $9,714 $54,070 $31714\n1. which option has the least total interest\n48 months\n2. which option is the most affordable?\nleast monthly payment\n3. how much will you need to earn (net income) per hour each month to afford the monthly payments for the cheapest and most expensive monthly options?\na. cheapest=\n$ per hour\nb. most expensive=\n$ per hour\nwe find this by looking at how many hours a full - time job is for a month. that is typically 40 hours per week for 4 weeks per month. this gives us 160 hours per month. you divide the monthly payment by the number of hours in a month (160) example: $675/160 = $4.21 per hour.

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