New to D21 5-1-1 Feedb Sign o Sign o fw Paying Find Y Annua Web 2 cale Graph: D2L MyMa Newt:|find ap + X G https://learn.snhu.edu/content/enforced/1114054-MAT-125-J6142-OL-TRAD-UG.22EW6/Course%20Documents/MAT%20125%20Learnin... o . . . 1 of 1 Q - A Overview: Answer the journal prompts according to the scenario below: Scenario Joe-Bob wants to buy a car and will need to take out a loan in order to make the purchase. His current monthly income is $3,500 per month. His mortgage payment is $900 per month, and his student loan payment is $350 per month. Note: You do not need to take taxes into consideration for this journal. Prompt: Application of the Formula: 1. According to the affordability formulas given, can he afford to take out another loan? Support your answer by explaining your mathematical reasoning (i.e., show your work). Conclusions: 2. When should he follow the affordability formulas? In what cases should he not? 3. How could taking out the car loan impact his other priorities? Rubric Guidelines for Submission: Answer each question in complete sentences. Any references should be cited in MLA format. Critical Elements Proficient (100%) Needs Improvement (75%) Not Evident (0%) Value Application of Accurately applies the affordability Applies the affordability formulas with Does not apply the affordability formulas to 45 Formula formulas to the given scenario AND partial accuracy OR accurately applies the the given scenario supports conclusion with formulas but mathematical reasoning is mathematical reasoning missing Conclusions Thoroughly articulates conclusions Partially articulates conclusions about the Does not articulate conclusions about the 45 about the application of the formula application of the formula and loan impact application of the formula OR loan impact AND loan impact OR articulates only one of the above Communicates Clearly Clearly communicates key ideas and Response needs clarification in order to Key ideas or thoughts are not 10 thoughts support key ideas and thoughts understandable Total 100% 83.F OLONE B. 4:00 PM Mostly sunny 7/27/2022