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Debt free life dream car

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Debt free life dream car $27,500, dream house $1,724,000, and dream job $72,000 per year. Please show work when solving.

a) how long will it take you to save for the full price of your dream car using 5% of your monthly income in a money market that earns an average of 1.5%

b) How long will it take you to save for the full price of your dream house using 20% of your monthly income in a money market that earns an average of 1.5%

c) In you spend $1,000 in rent until you saved the amount of the cost of your house, how much will you spend in rent?

d) How much interests will you have the 30 year loan cost you and how much is the difference between rent and loan interest for 30 year loan? Would you save money or lose money going debt free?

Reference no: EM131049706

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