Car Affordability Calculator
Parameter |
Description |
Example Value |
Monthly Income |
The total monthly income of the household. |
$5,000 |
Monthly Expenses |
The total monthly expenses including rent, utilities, groceries, etc. |
$3,000 |
Savings |
The amount of savings allocated for purchasing the car. |
$10,000 |
Loan Term (years) |
The duration of the car loan in years. |
5 years |
Annual Interest Rate |
The annual interest rate on the car loan. |
4% |
Maximum Affordable Car Price |
The maximum car price that can be afforded based on the given parameters. |
$25,000 |