Calculate the future value of each of the two vehicles, Finance Basics

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Calculate the future value of each of the two vehicles

Problem

Using $60,000 for a new 2023 BMW and $38,000 for a 5 year old 2016 BMW. Use the time value of money calculator (at an interest rate of 6%) and

i. Calculate the future value of each of the two vehicles, based on their purchase price today, starting age 18 and retirement age of 70
ii. Calculate the percentage of income from your proposed career annual income ($60,000) that each car loan represents
iii. Determine what the difference in purchase cost represents invested in your future lifestyle?

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Finance Basics: Calculate the future value of each of the two vehicles

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