Project Two (Numbers: Budgeting and Credit) Can you afford to buy your ideal car? Clarify: Our grandparents have given us $3400 to buy a car that is in good condition. The car has to be over the amount of $10 000. I have to prove that I can afford the car to get the personal loan and also have to prove that I can run it as well as just purchase it. My annual wage is $23 000. Some factors when buying a car could include: i. Can we get insurance? ii.
Can we afford to run the car? iii. Get a RAC report on the car to see whether there is anything wrong with it. Some cost involved in buying a car could be: i. Running Cost ii. Actual car iii.
Insurance iv. RAC report v. Transfer fee I am going to take out my loan at ANZ Bank as I have researched that they have the cheapest rates. Some assumptions that I have made are: i.
I already have $2000 of my own money saved vi. And I am 27 years of age. Other living expenses could include: i. spending money ii.
... ’s response to changes in cost of health care which involves price elasticity of demand. III. The elasticity of demand measures ... the quantity of services and the cost of services available IV. ... more interventions in health delivery, and public options can control costs. Tighter rules that will direct regulation of physician fees, and ...
Food – Take away iii. Bills – Mobile Phone Choose: It would cost me $2082. 60 on fuel to run my car for one year. 89 cents per litre – 10 L/Km = 450 Km per week… 89 45 = $40. 05 = $40.
05 52 = $2082. 60 The way I would set out my plan would be: Income per week = Board – from income, – phone bill, – repayments, – spending money = ? ? ? And then use the rest on maintenance on the car + fuel cost. Use: The Car costs $13 990 and I have $5300. I am going too take out a loan of $10 000 of a period of one year.
To purchase my car it would cost overall $11000 + $150 transfer fees. The way I will repay will be by: $23 000/52 = $442. 30 Repayment = $11 000/52 = $211. 55 $442. 30 – Board/ per week = $50 – Phone bill = $10 per week = $170. 75 – Spending money = $100 = $70.
75 = $70. 75 – $40. 05 for fuel = $30. 70 which can be used on the maintenance on the car or others. Running the car for one year: i. $2082.
60 for fuel ii. $700 on insurance iii. $290 on maintenance = $ 3077. 60 for the year.
Interpret: If I get the loan I will be able to buy the car and I will be able to run the car as well as live if I follow the plan which I have just created. In this investigation I had to do some research on the insurance companies and the cost of RAC reports on cars so I should make this project work. Report: To ANZ Bank To Whom It May Concern: I am writing this letter o confirm my personal loan that I am trying to receive and in this letter will contain my evidence that I can afford to pay off the loan over a one year period. I am requesting for a loan of $10 000. I have an annual income of $23 000 and I have made a plan to make sure I can afford the car as well as run it and live a quiet comfortable life. The plan which I made is: $23 000/52 = $442.
30 Repayment = $11 000/52 = $211. 55 $442. 30 – Board/ per week = $50 – Phone bill = $10 per week = $170. 75 – Spending money = $100 = $70. 75 = $70. 75 – $40.
05 for fuel = $30. 70 which can be used on the maintenance on the car or others. This evidence that I can afford the car and repay the loan comfortably as well as living a normal life. I hope you will make the right decision by giving me the loan as it will be greatly appreciated. Yours faithfully, Triton Petrol.
... the Philippine car loan default factor we could include the fuel price hike in the country, because this usually happens every year. Car loan defaults may ... growing domestic market. The small-scale production and high production costs in the Philippine automotive industry reflects the overall underdevelopment of ...