MAT 143: Car Purchase, Budgeting, and Financial Analysis Lab

This assignment involves a detailed analysis of the costs associated with purchasing a 2019 Acura MDX. The student calculates various expenses, including the car's price, down payment, fees, interest, insurance, maintenance, and fuel costs, to determine a grand total. The assignment also explores the financial implications of the purchase, including monthly payments and the number of hours required to work to cover these expenses at different hourly wages. Furthermore, the student creates personal budgets for two individuals, George and Sally, to assess their ability to afford the car based on their income and expenses. The assignment concludes with reflections on the financial realities of car ownership, the importance of budgeting, and the need to consider all associated costs before making a purchase. The student also provides insights into the difference between positive, negative, and zero monthly net totals, and the importance of purchasing a car based on the monthly net total rather than monthly income.