Miles taken hand in hand with my icyboi

Being my first car... I must keep you in my memory.. Forever... hehehe...

Thursday, November 24, 2005

Price of icyboi

As of owning icyboi, I incur a debt of $3,2668.79.

Every year, I'm paying $4668 just for the loan.




COE depreciation, $1208.10 yearly




After 3.5 years,
COE Rebate = 6.5 x $1208.10 = $7852.65
Parf Rebate = ???? Still finding out
Still owe loan = $3,2668.79 - ( 3.5 x $4668 ) - Interest rebate = $1,6330.79 - Interest rebate

If I want to sell my car, I need to break even:
COE Rebate ($7852.65) + Parf Rebate (Must be at least $7044) = $1,6330.79 - Interest rebate ($1434.12)

Interest rebate = ( 42mth (42mth + 1) / 84mth (84mth + 1) ) TOTAL_INTEREST
= 42(43)/84(85) x $5669.79 = $1434.12

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