Hi, need to submit a 500 words paper on the topic Math project. REPORT FOR PURCHASE OF A NEW CAR Registration Number: Introduction In this report, I present my budget to purchase a new car. I want to
Hi, need to submit a 500 words paper on the topic Math project. REPORT FOR PURCHASE OF A NEW CAR Registration Number: Introduction In this report, I present my budget to purchase a new car. I want to get a loan from one of the banks in our country and purchase a new Honda CR-V. This car is to assist me in ensuring punctuality in my many responsibilities. It will help me save a lot of time during movements from one location to another.
I wanted to determine the amount that I require to save in every month if I borrow a loan to purchase the car. I also wanted to determine the time duration within which I could be paying the monthly installments to the bank that offers me the loan.
In deciding the amount to borrow from the bank, I had to consider many factors including what I could afford. I considered various factors, including my family expenditure in every month. Finally I came to a conclusion that I could afford to purchase a Honda CR-V within a period of sixteen months.
I borrowed a loan from one of the banks in our country. I made this decision with considerations to the costs and interest payments. I also considered down payments, trade in allowances and other debts.
This was not the only payment I had to make, thus I allocated an affordable amount to this budget. I had some rent, insurance and taxes that needed to be paid within every month. I therefore had to limit my debt payments to less than 45% of my monthly gross income.
My entire household earns $5,000 in terms of gross wages every month. 24% of this amount was spent on rent. This is approximately $1,200. After paying this, only $ 2,550 remains. I still needed money for insurance, groceries, fuel and other household expenses. I decided to budget 20% of my total earnings to the purchase of the car. This meant that I had to set aside $ 1,000 for purchase of the car. The car is one that I can finance for not more than $2,000 per month. I could not spend more than this amount on the car since I needed to cater for all the other needs. I have a family to provide for alongside all other requirements in life. The amount that was hereby allocated to car payments included insurance and registration fees.
The car selected is a front wheel drive and costs approximately $31,600. I chose this car since it was affordable for me then. The car also favored my taste and preference. A front wheel drive car is cheaper than a four wheel drive. I had to borrow $32,000 from the bank. This was the lowest amount possible depending on the situation at hand.
Conclusion
In making this decision, I had considered all factors, including the total payment, loan term and interest rate. I tried to make the initial borrowed amount as low as possible so as to ensure easy and timely payments to the bank. The payment term was also ensured to be as shortest as possible in order to ensure minimum possible total payment made. Short term payment ensures saving (Dickinson, Duo). This deal is directly tied to my affordable monthly budget. It is true that I had considered my maximum allowances before starting the car search. Earlier consideration of my economic status assisted me in formulating a budget that was realistic and achievable.
Reference
Dickinson, Duo. House on a budget: making smart choices to build the home you want. Newtown, Conn.: Taunton Press, 2004. Print.
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