Business, 19.05.2020 18:58 jackie0833

Patrick is a recent college grad and works full time. He lives in an apartment with his best friend. His share of the rent is $400 per month. His take home pay is over $3,500 a month. "I am ready to buy a car," he tells his best friend. "It says here in the paper that with just $100 down I can finance the purchase of a brand new car through the dealership. The sticker price of the car is $17,000. I would have to make 60 payments of $350 each. My credit union will allow me to finance the vehicle with no down payment for 48 payments of $425 each." When shopping around, Patrick finds the same vehicle with a 3 year lease for $250 a month with $500 down. At the end of his lease, Patrick has the option to buy the vehicle for $10,000. Patrick's current credit score is 725. If he chooses not to buy or lease a car, he can continue to take the bus. The cost of a bus is $60 a month. What amount can Patrick afford for transportation each month if he calculates 15% of his net budget for transportation? * 1 point $450 $475 $400 $525

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Patrick is a recent college grad and works full time. He lives in an apartment with his best friend....

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