Affording A Car Example For Free - Free Essay Example

Sample details Pages: 5 Words: 1623 Downloads: 10 Date added: 2017/06/26 Category Finance Essay Type Research paper Did you like this example? The visitation to AKPK has enhanced my knowledge towards car loan and credit card spending. Having in-depth knowledge about car loan, it allowed me to consider the factors of buying a car especially my affordability. Before considering to buy a new car or a used car, I have to look into the features, reliability and financing of the car. Don’t waste time! Our writers will create an original "Affording A Car Example For Free" essay for you Create order Calculating and estimating the monthly car installment enables me to buy a car that is affordable where the monthly installment is less than 40% of my net monthly income. This would ensure that I am able to pay for the car loan instead of running into debt. I would then also have to prepare for the expenses such as road tax, petrol, parking, toll, and others. With this, I would have to save more from other expenses such as entertainment expenses in order to pay the car expenses. Further, the visitation has given me tips on the wise use of credit card; for example, settle the outstanding balance in full. This has allowed me to spend my credit card wisely and pay the outstanding every month when I have a credit card. This is to ensure that I will not bear the cost of high late payments charges. Besides, I also get to know the different types of cards that are available and their usefulness such as charge card that imposed high late payment charges, debit card is a good option for co ntrol spending, and prepaid card has limited spending limit. This would then ensure that I would apply the appropriate card that is suitable for my condition in future. (270 words) Part B i. Price list of Toyota Vios Model Price (RM) Toyota Vios 1.5J (MT) 73,213.50 Toyota Vios 1.5J (AT) 77,313.50 Toyota Vios 1.5E (AT) 82,913.50 Toyota Vios 1.5G (AT) 88,513.50 Toyota Vios 1.5TRD Sportivo (AT) 93,213.50 (UMW Toyota Sdn Bhd, 2014) Assuming Tom is planning to buy Toyota Vios 1.5J (MT) and the price is inclusive of insurance. Vehicle price (RM) 73,213.50 Down payment (%) 10 [RM73,213.50 x 10% = RM7,321.35] Hire Purchase Loan amount (%) 90 [RM73,213.50 x 90% = RM65,892.15] HP rate (% p.a.) 3 Loan tenure (years) 9 or 108 months Total interest charged = Loan amount (RM) x Rate (%) x Years = 65,892.15 x 3 x 9 = RM17,790.88 Total loan + interest = RM65,892.15 + RM17,790.88 = RM83,683.03 Monthly installment = RM83,683.03 divide; 108 months = RM774.84 Engagement ring monthly installment = RM10,500 divide; 12 months = RM875 ii. Debt to Income Ratio = Net monthly salary = gross salary x (1 EPF) x (1 tax) RM Monthly salary (after EPF and marginal tax) [5,500 x (1 11%) x (1 6%)] 4,601.30 Installments Car loan 774.84 Engagement ring 875.00 Total debt installment 1,649.84 Debt to Income Ratio (1,649.84 divide; 4,601.30) 35.86% Based on the calculation above, Tommy can afford to buy the car and the engagement ring. This is because his Debt to Income Ratio is 35.86% which is below 40% of AKPK recommended Debt to Income Ratio. i. Monthly installment payment on the house loan: Property price (RM) 550,000 Down payment (RM) 200,000 Loan amount / Margin of Finance (RM) 350,000 (550,000 200,000) Loan interest (flat) % 5 Loan tenure (years) 30 or 360 months Total interest charged = Loan amount (RM) x Rate (%) x Years = 350,000 x 5 x 30 = RM525,000 Total loan + interest = RM 350,000 + RM525,000 = RM875,000 Monthly installment = RM875,000 divide; 360 months = RM2,430.56 ii. Debt to Income Ratio = RM Monthly salary (after EPF and marginal tax) 4,601.30 Installments House loan 2,430.56 Total debt installment 2,430.56 Debt to Income Ratio (2,430.56 divide; 4,601.30) 52.82% Based on the calculation above, Tommy cannot afford to buy the house. This is because his Debt to Income Ratio is 52.82% which is above 40% of AKPK recommended Debt to Income Ratio. Firstly, Laura should reduce her credit card usage. Limiting the number of credit cards she carries based on her needs and payment capability would reduce her credit card debt. She should settle her outstanding balance in full in order to save the late payment charges. If she makes only the minimum payments on her credit card outstanding, she will end up paying more money to the card issuer as compared to the original amount she paid for the products or services due to compound interest. She is also advisory to avoid using credit card if she cannot make the monthly payments as credit card costs more money if she did not use it wisely. Besides, she should continuously check her credit card monthly statements to safeguard proper transactions and charges are recorded. Secondly, Laura has to live within her means. Spending the money on current living expenses reduces the amount she can save and invest. As her salary is not predictable, she should save for emergency funds which are equal to three to six months of her living expenses and save for irregular payments. It is better if she could have a clear understanding between her needs and wants. She is suggested to spend to meet her daily living needs instead of spending on branded clothes and products. She should smartly live below her means and save her money rather than showcase it. This can help her to save more money and put aside money for future use. Thirdly, Laura should delay gratification. It is almost impossible to escape the pressure to spend and then spend some more. The problem of Laura is that her overspending often leads her to under saving, debt accumulation and long-term financial insecurity. She should force herself to avoid negative financial influences as much as possible. This means she is supposed to change her behavior on penchant for the high life. In her condition, she can move to a place that have charges lower rental in order to save from the rental. Furthermore, Laura should borrow in a responsible manner. Instead of borrowing from friends and relatives, she can try to increase her passive income and find part-time job to settle her debt. Further, when she borrows, she has to keep in mind that she should borrow to meet her needs and not her wants and should borrow within her means. It is advisory that she borrows an amount that she can pay back comfortably. It is recommended that the total monthly repayments should not exceed 40% of her net monthly income. She should also bear in mind that her creditworthiness will be affected if she do not repay her loans according to the terms of repayment. Lastly, Laura should develop good financial management habits, with regular check-ups of her cash flow and net worth. She is not advised to buy the VolksWagon Jetta as buying a new car is an unproductive debt. This is because it is a funding for Lauraapos;s lifestyle wants and does not generate income for Laura; it is a debt for her instead. As her salary varies, she is hardly to pay for the monthly car loan installments and the down payment. She should also take into consideration of all commitments and unexpected expenses. Buying the car incurs costs including insurance, road tax, petrol and other costs. Additionally, the new car depreciation is high where it is at least 10% in the first year (AKPK, 2014). Thus, losses are higher on resale and it has higher financing costs over the tenure. As she already has a car, it is not practical to purchase the new car. Tommy should not act as a guarantor to Lauraapos;s car loan. There is a high chance that Laura could default her payments as her salary is not fixed. She may suddenly find that she cannot meet the terms and conditions of the credit contract because of employment or any other reasons. This could potentially leave Tommy in need of debt help. Further, Lauraapos;s spending behavior is not controlled and she has a penchant for the high life and often vies branded clothes and products. For this reason, Tommy should never act as a guarantor unless he is able to afford the repayments. However, as Tommy is going to buy a Toyota Vios and a house, acting as a guarantor would increase his burden if Laura did not manage to pay her debt. Additionally, Tommy should consider the reason behind why Laura needs a guarantor to take the loan. Laura poor credit history and creditworthiness is the main reason bank wants a security because they are not prepared to take the risk of lending the money itself. Laura only pays the minimum monthly payments and bears the late charges. In this situation, being a guarantor can ruin Tommyapos;s credit rating and may put his own financial situation in danger. The presence of a new loan on Tommyapos;s credit profile reduces his average length of credit history and this also hurts his score. Besides, Tommy should also consider his relationship with Laura. Laura is only Tommyapos;s girlfriend in current situation and they have not got married yet. There is a chance that they have a major fall out and no longer wish to be associated with each other. Their relationship could have ended but the loan commitment is still tied up. Laura sometimes could even borrowed money from her friends an d relatives to pay her credit card debts without Tommyapos;s knowledge. This shows that Laura is not able to manage her debt and she is not honest to Tommy. Therefore, Tommy should not act as Lauraapos;s guarantor for the car loan. He should takes into account Laura salary, credit history and their relationship. When Tommy agree to become a guarantor, he is liable for the unpaid portion of the hire purchase financing and the interest due if Laura default on her repayment. If Tommy fails to pay the debt, the creditor can take possession of the property Tommy has listed as security for the debt. This could put Tommy into financial problem and may leads to bankruptcy if he has too much loan and unable to pay for it.

Poverty in Canada Essay - 1492 Words

Poverty in Canada Sociology 1000: Writing Assignment 11/26/2012 Cassandra Vincent How can there be so many people in poverty? It is all around us even though Canada has made the G20 Richest Nations; they still have one of the highest poverty rates for in the industrialized world. Through reading many articles such as Ann Duffy and Nancy Mandell’s â€Å"Poverty in Canada†, others that I have found online, and my own personal experience I have learned the numerous reasons why so many people in a well industrialized nation such as Canada are struggling with poverty. WORD JOURNAL Duffy and Mandell portray many themes around poverty in their article â€Å"poverty in Canada†, but there is one word that really symbolizes the main theme, and†¦show more content†¦With my parents both in the Fishing industry and claiming EI benefits during the winter months I know that it can be hard sometimes when it comes to shortage of money. Though we never went below the poverty line and me and my siblings always received things we wanted, to a certain extent, we knew what it was like to be tight for money as did many other families. I now know that there are many ideologies about people in poverty and that they are struggle with the inequality of society. In the personal response of the â€Å"Poverty in Canada† I really got to understand how people feel when they are below the income cut-off. Many people believe that people are on social assistance because they do not want to work, I know after reading this article that this is not true. Th ere are a lot of stereotypes of people that are poor and after reading the causes of why many people are forced below the poverty line I will now look at them with a different perspective. I will not judge them because of the money they have, but I will look at them as being equal to the rest of society. 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They currently have a population of 88 million people, and it is expanding rapidly. An increasing population with out enough jobs to sustain them increases the poverty level. In thisRead MorePoverty In Canada Has Been On The Rise For Many Years And1887 Words   |  8 PagesPoverty in Canada has been on the rise for many years and there have been various statistics surrounding poverty among the provinces in Canada. The driving forces regarding poverty such as the social assistance benefits, the level of minimum wage, and minimal employment all are key elements that encourage poverty. Those that are most susceptible to go through poverty include children, aboriginals, Canadians of colour, those that have disabilities or physically impaired, women, and those that recentlyRead MoreChild Poverty: The Solution from the Right Action Party of Canada747 Words   |  3 PagesWe all know Canada as a caring and generous nation. It is one of the wealthiest nations in the world and has a very high standard of living (the fourth highest in the world). Unfortunately, there is a side of Canada that is hidden from the majority of the world, and it is scar for those who know about it. In the fall of 1989, the House of Commons passed a resolution stating that â€Å"This House seeks to achieve the goal of eliminating poverty among Canadian children by the year 2000.† It is now 2009

Transportation and Distribution Management System

Question: Discuss about the Transportation and Distribution Management System. Answer: Introduction Tyco Integrated Fire and Security company has a large number of workers all over the world devoted to propelling safety and security on the planet's most requesting conditions and crosswise over different enterprises and business exercises. Tyco products and services help ensure more than three million businesses, government and private clients around the world. The organization has adopted a consultative strategy to convey customized, single-source solutions for a wide range of offices, Waller and Fawcett (2013). This offers an exhaustive exhibit of incorporating fire caution, sprinkler and concealment, security against threats internal and external, sound and interchanges, and medical attendant call frameworks and administrations. This helps companies to secure its workers, clients, offices, resources, stock, procedures, and operations with arrangements. They are custom fitted to the business, scaled to your venture and improved with the most inventive innovation instruments Rushton, Croucher, and Baker (2014).The purpose of this report is to analyze the effectiveness of these three aspects of transportation management, namely Incoterms selection consideration, carrier selection criteria and carrier relationship management for Tyco Integrated Fire Security. The firms that are currently serving transport and distribution clients with an exceptional consistency bundle grew, particularly in light of this channel. The organization is committed to giving the most exceptional business fire safety, security, and life well-being solutions globally. However, there are competitors in the market that offer similar products and services. These competitors such as old dominion Security Inc, Haven Security Inc and intercom security have good market shares but not close to Tyco. This shows that the competitors are not grounded on their products and services. Customers can access the services of Tyco online on their website, which has a variety of products from fire safety to security. The company has chain stores where customers who are close to these stores geographically can purchase them at the store and choose their mode of transport of products purchased if need be. However, the customer who is miles away can be shipped or flown their products to locations where their distribution arrangements are made for the customer to receive the package as well White (2016) 2.0 Incoterms Selection Consideration Incoterms are a game plan of tenets disseminated by the International Chamber of Commerce (ICC) used extensively as a piece of International business trades or acquisition shapes. Delivered out since 1936 to abatement false impressions among traders and breaking point trade debate rising out of different illustrations of the fundamentals in different countries, Incoterms describes the obligations of merchants and buyers for the movement of items under planned contracts for the parent unit and International Trade Wensveen (2016). The most recent rendition of Incoterms, they have been created therefore of a broad survey of current delivery practices and patterns with an end goal to keep up the quick extension of world exchange in Tyco integrated fire and security The eleven existing Incoterms are referred to contracts amid transaction of the purchaser and merchant to keep away from false impressions identified with various business hones in various nations. Incoterms, while discretionary, are institutionalized, globally perceived conditions that enable disputes to be dodged. Picking the right Incoterms for Tyco integrated fire and security rely upon which export strategy and objectives an organization is using. The accompanying components are especially essential the included strategy for shipment, capacity, and eagerness of both of the exporter and merchant to play out the undertakings included and the measure of the trust set by both of the gatherings toward the other I would recommend Tyco Company to use FCA (Free Carrier) intercom to provide products and services to their international customers. In the free carrier, it implies that the Tyco Integrated satisfies its commitment to convey when it has given over the merchandise, cleared for taxes, into the charge of the bearer named by its client at the named place or point. On the off chance that no exact point is shown by the purchaser, the vendor may pick the place or range stipulated where the bearer might take the merchandise into his charge Van Wee (2017). While, as per business practice, Tyco's help is required in making the agreement with the bearer, e.g., rail or air transport the organization may act at the purchaser's risk and cost. Carrier Selection Criteria Before any company can move its products across its borders to its customers, it must carefully analyze and determine the most appropriate means of transportation. The company must also identify a trustworthy carrier who will provide quality services at the most affordable prices while considering a timing factor, Graham (2013). There are four types of transport mode that companies can choose from depending on the location, timing, etc.. The first is referred to as common carriers; these carriers provide their various transport services at a fixed rate to the public. Then there is the contract carrier, they provide their transportation services to selected customers at a negotiable price depending agreed contract, and for this, they are cheaper than common carriers. The third carries are the exempt carriers, which are uniquely not hindered by occurrences of their services. They are not regulated meaning they can transport any product or goods to any location as long as they agree on the fees due to the nature of the service. The final carrier is referred to as private carriers, they specialize in this line of business but are leased or owned. They tend to be flexible in offering their transport services There are various criteria that Tyco should use when selecting the best carrier to deliver their products to their consumers. The company will have to analyze the geographical location of the consumer and identify which carriers have a strong presence in that location. Analysis w3ill be conducted by looking at their current operations at the significant destination Rodriguez, Comtois and Slack (2013) .The other criteria are on the timing of the carrier. This means a firm should strongly consider one-time picking and delivery of goods. Most consumers will be loyal to a company that delivers its products within the shortest time possible. The consumers location and the time stamp issued by the client will determine the mode of transport. In some cases, the client may want a product to arrive earlier than the normally stipulated time; a consumer would prefer air transport carriers to water carriers, this will depend on the consumer product and the stipulated contract with the identified carrier Graham (2013). The next carrier is the equipment capability and availability of equipment. Some products from Tyco Integrated may be fragile, Toxic and hazardous. The capabilities of a carrier to handle such products is crucial. Past records studies should be conducted on the quality and availability of equipment that would handle such products Yip (2017). The financial stability and freight rates should be considered. Financial stability will imply that a carrier would be in operation despite any economic pitfalls, both locally and globally.Such carriers will tend to have attractive prices.Tyco should identify such carriers and outsource them in product delivery. The final criteria selection is the capability and ability of the carrier to share information.It's important for both consumer and the parent company to access information on the product delivery status.This will give both parties the ability to respond increase of any issue that may arise during the delivery process.It also reflects the companys transparency in its business operations Carrier Relationship Management Transport management operations tend to be cumbersome and stressful for companies when delivering products and services to its customers across borders. This tends to be an issue for the company may suffer losses from poor management of transportation and distribution channels. This is solved by outsourcing parts business that specializes in transportation management and distribution of products Cruijssen, Borm, and Hammers (2010). One of the reasons for outsourcing is to free up internal resources; organizations require expanding expertise set as conceivable to concentrate on what truly matters to a business Liu (2011). By outsourcing lesser administrations, organizations free up time and money to propel their business. Identifying the opportunities where cost reduction could be implemented effectively. Cost reduction remains the primary reason that affiliations outsource Hammers (2010). Every association alludes to cutting down costs as the basic driver for getting this arrangement of activity. Examines demonstrate that organizations that outsource the business abroad tend to spare near 60% of their yearly income than organizations that do not. The ability to focus on core competencies is also effective when outsourcing is initiated, with the freed up resources companies have the ability and to focus on their core competencies. These companies will now tend to focus on their internal affairs, hence providing full focus and effort to produce good results. Moreover, customer service improvement is another reason the companies outsource, this standpoint is ignored until it is too late. The mix of imaginative ventures taught and gifted masters, and promising execution can incite astounding augmentations in customer support each customer affiliation is a perfect shared Moreover, an opportunity to extend satisfaction and check quality client benefit Wilde (2011). Finally yet importantly, risk management. If Tyco is propelling another product, having representatives in economically developed countries offers little as far as for hazard administrations when the products fail in the open market. With seaward laborers, operations are adjusted to take care of a soaring demand or a request that never happens as intended. Third party relationship For outsourcing to succeed, there must be a stipulated contract relationship with the handlers of outsourced businesses. The third party relationship I would recommend for Tyco Integrated is type two long-term partnerships, which will be fruitful for the company, but how will the company go about this partnership Houghtalen (2011).Planning is the first step, Tyco will organize on how to handle the outsourced business with both parties. This will tend to satisfy the customers requirements. Also, planning on the terms of the contract and stipulating any disciplinary actions. The next step is actualizing communication between both parties- Here the crucial aspects of the partnership will be communicated to both parties. Queries raised will be discussed and solution provided. Also, disciplinary measures are stipulated if one party breaches the contract There could also be risk and reward sharing; the relationship will also share profits depending on their agreement as well as losses. This will enable both parties to work in the interest of the other regardless of each party having their formulated goals Jayaram (2010).Thre final phase is the investment and monitoring of the relationship.In investing, Tyco may invest in the outsourced company which will enable it to deliver quality services to its customers.In monitoring officials from both parties can be appointed to monitor the operations of their outsourced business, this ensures quality services and identification of issues that will be solved quickly. Conclusion Tyco integrated fire and security organization has adopted a consultative strategy to conveying customized, single-source solutions for a wide range of offices. This offers an exhaustive exhibit of Tyco Incorporated fire caution, sprinkler and concealment, security against threats internal and external, sound and interchanges, and medical attendant call frameworks and administrations. Being a large corporation based in over forty countries, it has to follow the guidelines of Intercoms when delivering across the borders, recommended for Tyco Integrated. The company has to choose the appropriate carrier to deliver its products to its clients. The company will follow the stipulated guidelines in carrying a selection deemed to work in the interest of the parties Mangan, Lalwani, and Lalwani (2016). The paper has also reviewed why the company should seek to outsource its delivery and distribution business to companies that have specialized in the field. This will reduce costs and increase the companys core competencies. This relationship must be legalized through type two partnerships and align the relationship goals and interest with both parties References Cruijssen, F., Borm, P., Fleuren, H., Hamers, H. (2010). Supplier-initiated outsourcing: A methodology to exploit synergy in transportation.European Journal of Operational Research,207(2), 763-774. Graham, A. (2013). Understanding the low-cost carrier and airport relationship: A critical analysis of the salient issues.Tourism Management,36, 66-76. Houghtalen, L., Ergun, ., Sokol, J. (2011). Designing mechanisms for the management of carrier alliances.Transportation Science,45(4), 465-482. Jayaram, J., Tan, K. C. (2010). Supply chain integration with third-party logistics providers.International Journal of Production Economics,125(2), 262-271. Johnson, P. F. (2014).Purchasing and supply management. McGraw-Hill Higher Education. Liu, C. T., Guo, Y. M., Lee, C. H. (2011). The effects of relationship quality and switching barriers on customer loyalty.International Journal of Information Management,31(1), 71-79. Mangan, J., Lalwani, C., Lalwani, C. L. (2016).Global logistics and supply chain management. John Wiley Sons. Nelson, J. D., Wright, S. (2016). Flexible transport management.Handbook on transport and urban planning in the developed world. University of Sydney, Australia: Institute of Transport and Logistics Studies. Rodrigue, J. P., Comtois, C., Slack, B. (2013).The geography of transport systems. Routledge. Rushton, A., Croucher, P., Baker, P. (2014).The handbook of logistics and distribution management: Understanding the supply chain. Kogan Page Publishers. Van Wee, B. (2017). Book Review: Handbook of transport strategy, policy and institutions (KJ Button and DA Hensher (eds.).European journal of transport and infrastructure research EJTIR, 6 (3). Waller, M. A., Fawcett, S. E. (2013). Data science, predictive analytics, and big data: a revolution that will transform supply chain design and management.Journal of Business Logistics,34(2), 77-84. Wensveen, J. G. (2016).Air transportation: a management perspective. Routledge. White, P. R. (2016).Public transport: its planning, management and operation. Routledge. Wilde, S. (2011).Customer Knowledge Management: improving customer relationship through knowledge application. Springer Science Business Media. Yip, T. L., Lei, Z., O'connell, J. F. (2017). Editorial: Business model innovation in air transport management-Selected papers from the IFSPA 2015, Hong Kong, 2015.