Dream car toyota camry costs $27500, dream job political/community organizer makes $72,000 per year
a) What is 10% of your dream car's value (this is the down payment for your car) and what is 5% of your monthly income?
b) How long will it take you sve for your down payment using 5% of your monthly income in a money market that earns an average of 1.5% interest?
c) What is the amount of the loan for your car once you subtract the down payment?
d) What is the payment for your car for the 60 month car loan when you make the down payment, where the interest rate is 3.3% and what is the payment for your dream car for the 72 month car loan when you make the down payment, where the interest rate is 3.3%?
e) How much will you pay overall for your dream car for the 60 month loan and how much will you pay overall for your dream car for the 72 month loan?