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Buying a Car By Haris Mohamedy. My Budget If I get $300 a week I should get $15,600 per year. ($300 per week)(52 weeks in a year)

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Presentation on theme: "Buying a Car By Haris Mohamedy. My Budget If I get $300 a week I should get $15,600 per year. ($300 per week)(52 weeks in a year)"— Presentation transcript:

1 Buying a Car By Haris Mohamedy

2 My Budget If I get $300 a week I should get $15,600 per year. ($300 per week)(52 weeks in a year)

3 Which Car? I really like BMWs.

4 Which Kind of BMW? A new one is probably to expensive. Ill get a used one. Maybe a i. This midsized car costs $25,000.

5 The 2006 BMW 3.25i This car is fully loaded with features like a sunroof, Bluetooth, 6 stick manual, alloy wheels, and the basics so I do not need any enhancements.

6 Yearly Expenses I will need to pay for fees, gas, insurance, maintenance, and a loan.

7 Fees for License and Registration A car also has fees to pay. For all cars fees would be $75.

8 Yearly Expenses Fees for License and Registration $75.00

9 Gas I also need to pay gas. Every week Ill drive to school and back, run errands, and sometimes go out. Altogether that is about 30 miles a week. To figure out the number of miles I drive every year, I multiply the number of miles per week by 52 (number of weeks in a year.) (30)(52)=1,560 miles So I would travel 1560 miles a year and would get about 25 mpg. To get the number of gallons I use every year I should divide the number of miles by the mpg. 1560/25=62.4 gallons Since I pay the current gas price ($2.99) for each gallon. I would multiply $2.99 by (2.99)(62.4)=$ Round this to $186.58

10 Yearly Expenses Fees for License and Registration $75.00 Gas$186.58

11 Insurance I would need to pay $2,300 for my midsized car.

12 Yearly Expenses Fees for License and Registration $75.00 Gas$ Insurance$2,300.00

13 Maintenance For a midsized car maintenance would be about $450.

14 Yearly Expenses Fees for License and Registration $75.00 Gas$ Insurance$2, Maintenance$450.00

15 Loan I decided my loan should be for 3 years or 36 months. The formula to figure out the finance charge is: A(N+1)(APR) 2P

16 Loan A(N+1)(APR) 2P = 25,000(36+1)(0.07) 2(12) = 25,000(37)(0.07) 24 = 64, = 2, (Rounded)

17 Loan My total finance charge is $2, I added that to the amount Im borrowing ($25,000). Then I got $27, I divided that by 36 for the monthly payment and I got $ To get the yearly payment I multiplied it by 12. I got $9,

18 Yearly Expenses Fees for License and Registration $75.00 Gas$ Insurance$2, Maintenance$ Loan Payment$9,232.64

19 Total Yearly Cost My budget is $15,600. $75.00+$ $2, $ $9,232.64=$12, $12,244.22<$15,600

20 Conclusion $12,244.22<$15,600 Since the car fits my budget it is perfect for me.

21 THANK YOU FOR LISTENING!!!


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