Major Purchase

• Select an item over $500 you are considering purchasing within the next two years. It might be a new cell phone, appliance, computer, vehicle, furniture, boat, etc.
• Write about your purchase steps to include the following:
• Is this purchase a necessity or a want? Discuss your reasoning as to why you are making this purchase. This requires some deeper thought. I want you to think that if this purchase is to impress others in some way, what satisfaction do you get from impressing others, and is that satisfaction worth the cost. I also want you to think about how that purchase will make you feel better.
• Outline how you shopped for the best price and quality of the product. Discuss each step in the process.
• How does this purchase fit into your overall financial plan. Is this something you will finance or have saved up for and will pay cash for. If you are financing this purchase, where are you getting your loan? What is the annual percentage rate (APR)?
• If you are financing this purchase, what is the total amount you will pay for principal and interest?
• How does this purchase fit into your overall your findings?