How to Gauge Your Middle-Class Status

[smileyman]

Originally Posted by Homeslice

$90K divided by a 5 year loan is $18K/year, and that's not including interest. Even if they were 6-year loans, it's still $15K/year.

90 thou at 6 pct for 72 mon is 1491.56 per mo or 17898.72 per yr.
45 Thou at 6 pct for 72 mo is 745.78 per mo and 8949.36 annually.

I think to afford the 90 thou 2 car scheme you would have to be near the upper metric from this article in order to meet a typical 36 pct debt to income ratio most banks use as a rule of thumb...
The second scheme is much more plausible.

[101lifts2]

Originally Posted by smileyman

....And thats why my 83 Firebird has commuted for me for almost 19 yrs...

And the fact that GM builds the best cars in the world.

[101lifts2]

I'm at the upper middle class income level. Mortgage, car payment and bike payment.