Pl need

you just started working at chicken stop restaurant after school. you earn 10 dollars an hour, and work 20 hours a week.

1. what is your monthly gross income? (hint: find annual, then monthly)

2. since you live at home with your parents and don’t have living expenses, you want to be wise with your money and save as much as possible. you want to save 50% of your income so that you can buy a car when you graduate and go to college. how much money are you saving each month for your car?

3. you have $1250 already saved from birthdays, holidays, odd jobs, and allowance. how many months will it take to save up for a car, if the one you want costs 9,000 dollars?

4. you also have the option of taking out a car loan so that you can have your car now.
you put down 1200 as a down payment and end up only borrowing 7800 to buy the
car. you have a monthly payment of $143.65 and you will pay it off after 5 years. how
much interest will you pay?

5. which option will you choose? save up for the car, or buy it now? write a few
sentences to explain your answer. there is no wrong answer, but you do need to use
complete sentences and explain why you chose to save or buy now.

1.) If you earn $10 an hour and work 20 hours a week, multiply 10 and 20 to get your weekly income, which should be $200. Since there are 52 weeks in a year, multiply $200 by 52 weeks to get $10400, which is your annual income. After that, divide this value by 12, since there are 12 months in a year and get $866.67. This is your monthly income.

2.) If you want to save 50% of your money per month, multiply your monthly income of 866.67 by 0.5 to get $433.33. This is how much you will save per month.

3.) To find how much money you will need to save in order to buy the car, subtract the $1250 that you already have from the $9000 needed. You should get $7750, which you then divide by the $433.33 that you save each month. You should get approximately 17.88 months, which is how long you will need to save up for the car.

4.) Using the $9000 car value again, subtract the $1200 down payment to get $7800. Since you are paying for the car over the course of 5 years, multiply your monthly payment of $143.65 by 12 months in a year to get $1723.80, then multiply that value by 5 years to get $8619. Subtract $7800 from $8619, and you should get $819, which is the total amount of interest you paid over the course of 5 years.

5.) I would save up for the car instead of buying it now. By saving up for the car, you would only have to save money for approximately a year and a half, rather 5 paying it off over the course of five years. There is also no interest from saving up for the car, so you would not have to pay more money to get the car.

Hope that helps :)