Financial advisors recommend that a maximum of 22% of your monthly income be spent on vehicle expenses (total of car payment, car insurance, and maintenance/fuel).
Nadias monthly income is $3200. She wants to take out a loan to buy a 2018 Kia Soul which would result in monthly vehicle expenses consisting of a $515 car payment,
$78 car insurance, and $125 maintenance/fuel expenses
What percentage of Nadia Os monthly income would be spent on vehicle expenses if she purchases the 2018 Kia Soul? Round the percentage to one decimal place
% of her monthly income would go to vehicle expenses.
Does the car she wants satisfy the recommended budget guideline? In other words, would she be spending 22% or less of her monthly income on vehicle expenses?
Yes
No