Apartment Reflection and Car Apartment Please add the

Apartment Reflection and Car.

Apartment Please add the address of your apartment to your shared document. In addition add up and include your monthly housing expenses. Rent + utilities Also add up your move in costs. (Fees, deposit, first and last, furniture) Write a quick reflection about what the process of choosing a city to live in and an apartment was like? Why did you choose your city? What about it is appealing, what were the possible drawbacks? How was apartment hunting? Were you able to get what you wanted? What are the key features that drew you to one particular apartment? Is there anything you wished you could have had but couldn’t? Will you have to find roommates? How will you find them? What are the drawbacks to roommates, benefits? Was finding an apartment that fit your needs easy? Stressful? What do you think will be different when you really have to find an apartment. What is the distance between your apartment and your work? Movie theatre, gas station, grocery store, hospital. What is the crime rate for your neighbor hood overall, what specific crimes are in the red.

Used Car Project STEP 1: Determine how much money you can spend each month on your car. A few things to remember: A reasonable amount to spend is about 10 -20% of your income (after taxes). This will not just cover the cost of the car, it will also include gas, maintenance and other costs that come with owning a car. → Enter this into “Amount available to spend on your car (monthly)” in your worksheet.

Used Car Project STEP 2: Determine your Operating Costs Driving a car means you must also pay for necessities like gas, routine maintenance, and replacing tires. Use AAA’s Driving Costs guide to determine how much you will spend each month. Decide generally what size car you are looking for? (Small? Medium? Large? ). If you aren’t sure, use the average. Determine the number of miles you will drive each month. These costs directly connect to how much you drive. More driving = higher costs 10, 000 miles/year is a safe estimate if you aren’t sure. If you know you will drive much more or less, you can adjust accordingly. REMEMBER: # miles per year/12 = # miles per month

Used Car Project STEP 2: Determine your Operating Costs (Continued) Gas (monthly) = (# of miles driven per month) X (cost per mile) Enter this into “Gas (monthly)” in your worksheet. Maintenance (monthly) = (# of miles driven per month) X (cost per mile) Enter this into “Maintenance (monthly)” in your worksheet. Tires (monthly) = (# of miles driven per month) X (cost per mile) Enter this into “Tires (monthly)” in your worksheet.

Used Car Project STEP 3: Determine your Ownership Costs Owning a car also requires certain costs to insure and register your car. Use AAA’s Driving Costs guide to determine how much you will spend each month. Determine what size car you are looking for. If you aren’t sure, use the average. Insurance (monthly) = cost per year / 12 Enter this into “Insurance (monthly)” in your worksheet. License, Registration, Taxes (monthly) = cost per year / 12 Enter this into “License, Registration, Taxes (monthly)” in your worksheet.

Used Car Project STEP 4: Monthly Payment Cars are very expensive and most people cannot pay for one all at once. Generally, you take out a loan to buy the car. Then, you agree to pay a certain amount per month (your Monthly Payment), plus interest, for a certain number of months. Amount available to spend (monthly) - minus Operating Costs - minus Ownership Costs --------------------------------- Monthly Payment

Used Car Project STEP 5: Finding Your Price Range Now that you have found out how much you can afford to spend on your car per month, use the Edmunds Affordability Calculator to find your PRICE RANGE for your used car. Zip Code: Enter your Zip Code Financing: Enter your “Target Monthly Payment” from the chart on your worksheet. Loan Term: Enter 60 months (This is standard, but you may adjust it if you have a different preference) Market Finance Rate: Go to Bankrate’s Auto Loan Rates page. Use the 2 nd (or middle) APR that is listed under “ 60 Month Used Auto Loan”. Trade-In and Down Payment Value of Your Trade-In: Enter $0 Amount Owed on Your Trade-In: Enter $0 Cash Down Payment: Enter your “Down Payment”. This is a one-time payment you make when you buy something, and then agree to pay the rest over time. If you have money saved up, use it for your Down Payment, and it will decrease the amount you pay later in interest. Click “Calculate”. Enter the Maximum TMV Price of car you can afford into “Price Range for your Used Car”