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Benny and Hannah are looking to purchase a car so that Benny doesn't have to take the bus to the ski shop where he works as a ski tech. Hannah, who drives for Lyft, already owns a 2010 PT Cruiser. For the past five years they have been able to put $60 each month into a savings account with an APR of 1.05%. a) How much do Benny and Hannah have saved toward a down payment? Benny and Hannah qualify for a 6-year car loan with a 9.1% APR or a 3-year car loan with an 7.5% APR. They found a new 2019 Ford F250 Superduty listed at $49,400. Their combined monthly income is $5800 during ski season, but they know that will drop in the summer. They know they shouldn't pay more than 10% of their income on car payments. b) Assuming Benny and Hannah will make payments for the entire life of the loan, how much will they pay monthly for each loan option? Are either of these options within 10% of their monthly income? c) Assuming Benny and Hannah will make payments for the entire life of the loan, how much will they pay in total for each loan option? Benny has been competing in Ski Ballet, and recently won the national championships. Now, he wants to use the prize money (S6000) to make a larger down payment. ad. If Benny and Hannah decide to put the prize money toward their down payment, how will this affect the total amount they would pay over the life of the loan for each loan option? While celebrating his epic win on the slopes, Benny broke his arm pretty bad, and had to have surgery. Even though he has health insurance, the hospital where the surgery took place was not covered by his provider. He negotiated with the hospital and agreed to pay $150 monthly for the next 10 years. Hannah no longer thinks they can afford the truck, and reaches out to a friend... Benny's buddy Billy offers to sell Benny his Buick. It's actually in really good shape, but it has 63.000 miles on it, needs new tires, and there is a ding in the back bumper. Billy offers to sell Benny the Buick for $8,000. c) e. Calculating and stating any other quantities you believe are important, make and justify a recommendation for Benny and Hannah regarding purchasing a car truck Address any features you believe are significant. For example which option(s) allow them to save the most money? Which loan offer from their bank can they afford? Which car/truck option should they pursue? Should they forget about getting another vehicle altogether? Benny and Hannah are looking to purchase a car so that Benny doesn't have to take the bus to the ski shop where he works as a ski tech. Hannah, who drives for Lyft, already owns a 2010 PT Cruiser. For the past five years they have been able to put $60 each month into a savings account with an APR of 1.05%. a) How much do Benny and Hannah have saved toward a down payment? Benny and Hannah qualify for a 6-year car loan with a 9.1% APR or a 3-year car loan with an 7.5% APR. They found a new 2019 Ford F250 Superduty listed at $49,400. Their combined monthly income is $5800 during ski season, but they know that will drop in the summer. They know they shouldn't pay more than 10% of their income on car payments. b) Assuming Benny and Hannah will make payments for the entire life of the loan, how much will they pay monthly for each loan option? Are either of these options within 10% of their monthly income? c) Assuming Benny and Hannah will make payments for the entire life of the loan, how much will they pay in total for each loan option? Benny has been competing in Ski Ballet, and recently won the national championships. Now, he wants to use the prize money (S6000) to make a larger down payment. ad. If Benny and Hannah decide to put the prize money toward their down payment, how will this affect the total amount they would pay over the life of the loan for each loan option? While celebrating his epic win on the slopes, Benny broke his arm pretty bad, and had to have surgery. Even though he has health insurance, the hospital where the surgery took place was not covered by his provider. He negotiated with the hospital and agreed to pay $150 monthly for the next 10 years. Hannah no longer thinks they can afford the truck, and reaches out to a friend... Benny's buddy Billy offers to sell Benny his Buick. It's actually in really good shape, but it has 63.000 miles on it, needs new tires, and there is a ding in the back bumper. Billy offers to sell Benny the Buick for $8,000. c) e. Calculating and stating any other quantities you believe are important, make and justify a recommendation for Benny and Hannah regarding purchasing a car truck Address any features you believe are significant. For example which option(s) allow them to save the most money? Which loan offer from their bank can they afford? Which car/truck option should they pursue? Should they forget about getting another vehicle altogether
