Buying a Car
can be used on the maintenance on the car or others.
Running the car for one year:
i. $2082.60 for fuel
ii. $700 on insurance
iii. $290 on maintenance = $ 3077.60 for the year.
Interpret:
If I get the loan I will be able to buy the car and I will be able to run the car as well as live if I follow the plan which I have just created.
In this investigation I had to do some research on the insurance companies and the cost of RAC reports on cars so I should make this project work.
Report:
To ANZ Bank
To Whom It May Concern:
I am writing this letter o confirm my personal loan that I am trying to receive and in this letter will contain my evidence that I can afford to pay off the loan over a one year period.
I am requesting for a loan of $10 000. I have an annual income of $23 000 and I have made a plan to make sure I can afford the car as well as run it and live a quiet comfortable life. The plan which I made is:
$23 000/52 = $442.30
Repayment = $11 000/52 = $211.55
$442.30 – Board/ per week = $50 – Phone bill = $10 per week = $170.75 – Spending money = $100 = $70.75 =
$70.75 - $40.05 for fuel = $30.70 which can be used on the maintenance on the car or others.
This evidence that I can afford the car and repay the loan comfortably as well as living a normal life.
I hope you will make the right decision by giving me the loan as it will be greatly appreciated.
Yours faithfully,
Trifon Petrou