how much would you spend? (continued) 10% 12% 60 months car for $10,000 (Amount of loan: $10,000) APR: Length of Loan: 60 months Total Cost of Loan: Monthly Payment: Total Finance Charge: APR: Length of Loan: Total Cost of Loan: Monthly Payment: Total Finance Charge: APR: 14% APR: 16% 60 months 60 months Length of Loan: Total Cost of Loan: Monthly Payment: Total Finance Charge: Length of Loan: Total Cost of Loan: Monthly Payment: Total Finance Charge: Which car do you think Manuel can afford? Why? how much would you spend? (continued) 12% 60 months car for $6,000 (Amount of loan: $6,000) APR: 10% Length of Loan: 60 months Total Cost of Loan: Monthly Payment: Total Finance Charge: APR: Length of Loan: Total Cost of Loan: Monthly Payment: Total Finance Charge: APR: 14% APR: 16% 60 months 60 months Length of Loan: Total Cost of Loan: Monthly Payment: Total Finance Charge: Length of Loan: Total Cost of Loan: Monthly Payment: Total Finance Charge: car for $8,000 (Amount of loan: $8,000) APR: 10% Length of Loan: 60 months Total Cost of Loan: Monthly Payment: Total Finance Charge: 12% 60 months APR: Length of Loan: Total Cost of Loan: Monthly Payment: Total Finance Charge: 14% 16% 60 months 60 months APR: Length of Loan: Total Cost of Loan: Monthly Payment: Total Finance Charge: APR: Length of Loan: Total Cost of Loan: Monthly Payment: Total Finance Charge: how much would you spend? scenario 1 Manuel wants to buy a car. But before he goes shopping, he wants to know exactly how much he can afford to spend each month on owning, operating, and maintaining a car. Manuel's net monthly income is $1,280. His fixed expenses are: $350 for rent His flexible monthly expenses are: - $75 for savings $25 for utilities - $185 for food - $35 for transportation (bus fare) - $150 for tuition and books - $40 for entertainment - $20 for personal items - $29 for household items If Manuel gets a car, he expects to spend about $40 a month on gas and oil, and about $20 on parking and bridge tolls. Manuel needs to have car insurance. He has shopped around and expects that a car insurance premium for the type and year of car he wants will cost about $225 a month