Assume you can afford to use 9% of your monthly gross income towards your monthly car payment. The terms of the loan are 6.75% APR for 5 years.
What is the highest price car you can afford based on the information above? Be sure to show and explain the Excel formula you used. Does this amount get a car that you like? What are some strategies that you could use to make sure the car that you purchase does not exceed your budget?
What is the highest priced car the high school graduate can afford based on the same information? Be sure to show and explain the Excel formula you used.
Use an absolute or relative change statement to compare the highest priced car of the high school graduate and yourself
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