The Assignment Previously, you performed research to help you answer the Part O

The Assignment
Previously, you performed research to help you answer the Part One questions. Now you will be doing PART TWO.
Using all your research and calculations from Part One, write an essay (1-2 pages) to discuss your options, projected monthly budget, and the estimated costs associated with each option you are considering. What option would you ultimately choose? Make sure to include supporting evidence from your sources and mathematical calculations to defend your choice. Why is it best for you?
Part 1 Research for the essay:
Location
My new job is located in Wilmington, North Carolina, a coastal city with a population of around 120,000 people. Wilmington is considered a mid-sized city with a mix of urban and suburban neighborhoods.
Average Starting Salary
The average starting salary for a bookkeeper position in Wilmington is around $40,177 per year. After taxes and other deductions, I estimate my monthly take-home pay to be around $2,800.
Transportation Options
• Buying a used car with cash: The car I found would be $31,989, a used 2023 Hyundai Tucson N Line.
• Using public transportation: Wilmington has a bus system that serves most parts of the city. The cost of a monthly bus pass is around $80.
• Buying a bicycle: A new electric bicycle would cost $2,995.
Cost Analysis
• Buying a used car with cash: The cost of the car would be $31,989; if I put $5,000 down, monthly payments on this car are $621.54 with a 5% interest rate and a 48-month loan. The average price of fuel is around $2.80 per gallon; this car gets an estimated 25 miles per gallon. I would expect to pay around (2.80×25) $70 to fill up, costing me $140 monthly. Car insurance would cost an additional $200 monthly. I would also set aside $150 a month for maintenance. I would also need to purchase tags for my vehicle, which cost about $40. It would cost me approximately $1,111 to maintain my used car monthly.
• Using public transportation: A monthly bus pass costs $80.
• Buying a bicycle: One-time purchase of $2,995, spare tire at $100, and a cover for $100. The total for the bike would be $3,195.
Decision
The bicycle would be a large payment to make upfront and would not be reasonable during the winter. Public transportation would be the cheapest cost; however, I would have a harder time finding transportation to leave the area, taking away from my freedom. The best option for me would be to buy a car with cash. While this is the most expensive monthly cost at $1,111, I would have more freedom to travel and carpool with coworkers to help with gas payments.
Work Cited:
Car – https://www.cars.com/vehicledetail/3c16a7ab-8d99-44ab-9c06-81519bc4c386/
Public Transportation – https://pedegoelectricbikes.com/product/interceptor/?attribute_pa_frame-style=24-step-thru&attribute_pa_frame-color=seafoam&attribute_pa_wheel-options=heavy-duty-spokes
Bicycle – https://www.wavetransit.com/fare-pass-information/