Buying a Car

Jennan Moughrabi

Working hours of a student...

school week: 18 hours
non-school week: 40 hours
not employed during school hours

Restrictions for a 16 year old...

can work any job
paid minimum wage
unlimited hours

Federal minimum wage and

young workers...

minimum wage for non-exempt worker: $7.25

youth minimum wage is $4.25
for workers under the age of 20
first 90 consecutive days

Working at Publix
hours per week: 14
4-6 ( 2 hours a day)
$7.25 an hour
$203 a month
with deduction of 7.65%= $101.50

Car info.
2001 Jeep Wrangler
sport
2 door
w/ hardtop
5 speed

Purchasing a car
Prices
Sale price: $7,999
KBB Value: $7,480
MSRP: $7,999

Payments
Downpayment: $1,000
Finance rate:2.74%
(annual percentage rate)
Monthly payment:
$143.13 (48 months=4 years)

Insurance...
monthly insurance: $120.45
cost of gas: $40 a week= $160 a month
total cost for loan:
principal amount=$6500 + interest total= $370.12
= $6,870.12

summary...
With the current pay rate of 7.25 an hour and
working 14 hours a week, i would not be able to
purchase this vehicle

sources:
"Know the Rules." Youth Rules. N.p., n.d. Web. 14
Sept. 2014. <http://www.youthrules.gov/know-thelimits/>.
"PenFed - AUTO LOANS Overview." PenFed - AUTO
LOANSOverview. National CREDIT UNION, n.d. Web.
14 Sept. 2014. <https://www.penfed.org/auto-loansoverview/
"Hourly Paycheck Calculator." Hourly Paycheck Calculator.
Bankrate.com, 2014. Web. 14 Sept. 2014. <http://www.
bankrate.com/calculators/tax-planning/hourly-paycheck-taxcalculator.aspx>