Scenerio 5

Carrie just graduated from a local university with an honors degree. She has just joined the teaching force, currently studying in NIE (National Institution of Education). The school is located very far from Carrie’s house, so she decided to get a car to ease her travelling time. As she is a fresh graduate, she has not much savings. She is earning $2800 per month and after CPF deduction, she is drawing $2240. Her parents will be giving her an interest free loan of $10,000 for the car. If you were Carrie, what car would you buy and what loan package would you pick?