finance project/ quantitative reasoning
Student Loans Carla Kyle Carla has $17,000 in student loans with an APR of Kyle has $17,000 in student loans with an APR of 6.5%. Even though she took the loans out for 10 years, 6.5%. He took the loans out for 10 years and is happy she wants to pay them off in 5 years. What will she with those terms. What will he have to pay each have to pay each month to pay the loans off in 5 month to pay the loans off in 10 years? years? 12. If Carla pays her loans off early in only 5 years, how much will she pay altogether? If Kyle pays his loans off as originally scheduled in 10 years, how much will he pay altogether? 13. Write a complete sentence that identifies which person pays the smaller amount for interest on their student loan and how many dollars less that person paid altogether than the other person. 14. 15. Rent and other living expenses $700 Subtract Carla's fixed monthly expenses (06, 07, 012, Q15) from her monthly net pay (QS) to find out her monthly cash flow. Her monthly cash flow is the money she can use for clothing, food, entertainment, charitable donations, and saving for the future. What is her monthly cash flow? Rent and other living expenses $700 Subtract Kyle's' fixed monthly expenses (06, 07, 012, 015) from his monthly net pay (25) to find out his monthly cash flow. His monthly cash flow is the money he can use for clothing, food, entertainment, charitable donations, and saving for the future. What is his monthly cash flow? 16. Write a complete sentence that identifies which person has the larger monthly cash flow and how many dollars greater that person's monthly cash flow is compared to the other person. 17. Car Loans Carla Kyle Carla borrows $15,000 to buy a used sedan. She gets a Kyle borrows $40,000 to buy a new sports car. He 5.5% APR loan which she plans to pay off in 4 years. gets a 4.7%* APR loan which he plans to pay off in 6 What is her monthly car payment? years. What is his monthly car payment? *FYI: New car loans usually have a lower APR than used car loans. 6. 7. Carla's other monthly car expenses (insurance, maintenance, gas) $200 Kyle's other monthly car expenses (insurance, maintenance, gas) (Expensive car = higher insurancel) $300 Carla packs her lunch, makes her own coffee, and generally tries to live cheaply. Kyle eats lunch out most days, buys coffee from a coffee shop, and generally doesn't worry as long as he has money in the bank. Let's see how those spending habits develop when they buy cars and pay back their student loans. 2 Car Loans Carla Kyle Carla borrows $15,000 to buy a used sedan. She gets a Kyle borrows $40,000 to buy a new sports car. He 5.5% APR loan which she plans to pay off in 4 years. gets a 4.7%* APR loan which he plans to pay off in 6 What is her monthly car payment? years. What is his monthly car payment? *FYI: New car loans usually have a lower APR than used car loans. 6 Carla's other monthly car expenses (insurance, Kyle's other monthly car expenses (insurance, maintenance, gas) maintenance, gas) (Expensive car = higher insurance!) 7. $200 $300 Carla's total car expenses (monthly payment, Q6, plus Kyle's total car expenses (monthly payment, Q6, plus other car expenses, Q7) are what percentage of her other car expenses, 07) are what percentage of his monthly gross pay (01)? Round the percentage to one monthly gross pay (Q1)? Round the percentage to 8a. decimal place. one decimal places Student Loans Carla Kyle Carla has $17,000 in student loans with an APR of Kyle has $17,000 in student loans with an APR of 6.5%. Even though she took the loans out for 10 years, 6.5%. He took the loans out for 10 years and is happy she wants to pay them off in 5 years. What will she with those terms. What will he have to pay each have to pay each month to pay the loans off in 5 month to pay the loans off in 10 years? years? 12. If Carla pays her loans off early in only 5 years, how much will she pay altogether? If Kyle pays his loans off as originally scheduled in 10 years, how much will he pay altogether? 13. Write a complete sentence that identifies which person pays the smaller amount for interest on their student loan and how many dollars less that person paid altogether than the other person. 14. 15. Rent and other living expenses $700 Subtract Carla's fixed monthly expenses (06, 07, 012, Q15) from her monthly net pay (QS) to find out her monthly cash flow. Her monthly cash flow is the money she can use for clothing, food, entertainment, charitable donations, and saving for the future. What is her monthly cash flow? Rent and other living expenses $700 Subtract Kyle's' fixed monthly expenses (06, 07, 012, 015) from his monthly net pay (25) to find out his monthly cash flow. His monthly cash flow is the money he can use for clothing, food, entertainment, charitable donations, and saving for the future. What is his monthly cash flow? 16. Write a complete sentence that identifies which person has the larger monthly cash flow and how many dollars greater that person's monthly cash flow is compared to the other person. 17. Car Loans Carla Kyle Carla borrows $15,000 to buy a used sedan. She gets a Kyle borrows $40,000 to buy a new sports car. He 5.5% APR loan which she plans to pay off in 4 years. gets a 4.7%* APR loan which he plans to pay off in 6 What is her monthly car payment? years. What is his monthly car payment? *FYI: New car loans usually have a lower APR than used car loans. 6. 7. Carla's other monthly car expenses (insurance, maintenance, gas) $200 Kyle's other monthly car expenses (insurance, maintenance, gas) (Expensive car = higher insurancel) $300 Carla packs her lunch, makes her own coffee, and generally tries to live cheaply. Kyle eats lunch out most days, buys coffee from a coffee shop, and generally doesn't worry as long as he has money in the bank. Let's see how those spending habits develop when they buy cars and pay back their student loans. 2 Car Loans Carla Kyle Carla borrows $15,000 to buy a used sedan. She gets a Kyle borrows $40,000 to buy a new sports car. He 5.5% APR loan which she plans to pay off in 4 years. gets a 4.7%* APR loan which he plans to pay off in 6 What is her monthly car payment? years. What is his monthly car payment? *FYI: New car loans usually have a lower APR than used car loans. 6 Carla's other monthly car expenses (insurance, Kyle's other monthly car expenses (insurance, maintenance, gas) maintenance, gas) (Expensive car = higher insurance!) 7. $200 $300 Carla's total car expenses (monthly payment, Q6, plus Kyle's total car expenses (monthly payment, Q6, plus other car expenses, Q7) are what percentage of her other car expenses, 07) are what percentage of his monthly gross pay (01)? Round the percentage to one monthly gross pay (Q1)? Round the percentage to 8a. decimal place. one decimal places
