Question: You have a 7 000 balance on your car loan
You have a $ 7,000 balance on your car loan at 11% interest. Your favorite aunt has just left you $ 10,000 in her will. You can put the money in a money market account at your bank and pay off your car loan, or you can invest the money in mutual funds. What factors must you consider in making your decision?
Relevant QuestionsHow do your financial goals fit into your financial plan? Why should goals be realistic? What are three time frames for goals? Give an example of a goal for each time frame. What factors influence income? Why is an accurate estimate of expenses important in budget planning? How do tax laws affect the budgeting process? Help the Sampsons summarize their current financial position, their goals, and their plans for achieving their goals by filling out the following worksheets Judy has just received $ 12,500 as an inheritance from her uncle and is considering ways to use the money. Judy’s car is one year old, and her monthly payment is $ 304. She owes 48 more payments. The amount to pay off the ...How are the Sampsons’ liquidity and investment decisions related?
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