FACULTY OF FINANCE AND BANKING

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REPORT FIN 1 – GROUP 12

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Topic: Automobile Buying Using Credit
A Case Study of Juan Cruz

Module TCHE322(GĐ2-HK2 2324)1.1

Lecturer Nguyễn Đỗ Quyên, PhD
Case from Group 15
Members Khương Hà Minh : 2212340055
Bùi Phương Trang : 2112340088
Nguyễn Ngọc Tâm Anh : 2212340009
Nguyễn Chí Đức Dũng : 2212340018
Phó Minh Dũng : 2212340021

Hanoi, March 2024

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I. INTRODUCTION .......................................................................................................... 2
II. THEORY ....................................................................................................................... 3
III. CASE STUDY ............................................................................................................. 4
1. Overview of the character ............................................................................................. 4
2. Demographic analysis and External factors analysis .................................................... 5
2.1. Demographic analysis .................................................................................................. 5
2.2. External factors analysis ............................................................................................... 6
3. Overall financial plan .................................................................................................... 8
3.1. Financial goals ............................................................................................................ 8
3.2. Timeline .................................................................................................................. 10
3.3. Strategies ................................................................................................................. 11
4. Financing .................................................................................................................... 12
4.1. Interest rate:.............................................................................................................. 13
4.2. Monthly principal repayment: ...................................................................................... 14
4.3. Monthly interest repayment: ........................................................................................ 14
5. Budgeting .................................................................................................................... 15
5.1. Overview: ................................................................................................................ 15
5.2. Assumption: ............................................................................................................. 15
5.3. Inflow:..................................................................................................................... 15
5.4. Outflow: .................................................................................................................. 17

5.5. Cash surplus ............................................................................................................. 22

6. Savings and Investments ............................................................................................. 23
6.1. Overview ................................................................................................................. 23
6.2. Investment plan ......................................................................................................... 24
6.3. Saving plan .............................................................................................................. 27
IV. CONCLUSION .......................................................................................................... 29
V. REFERENCES ........................................................................................................... 30
VI. APPENDIX ................................................................................................................ 32

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I. INTRODUCTION
The automobile industry today is one of the most lucrative industries. Due to the rise in
disposable income in both rural and urban sectors and easy finance being provided by all
the financial institutes, passenger car sales have increased considerably in recent years.

For many individuals, purchasing a car is most likely the first significant financial
commitment. When it comes to the average consumer's spending, the car purchase is
second only to housing in the amount of money. One will purchase a car frequently in the
lifetime - the majority of people do so every two to five years - so choosing and financing
a car systematically can result in substantial savings. Financial preparation is crucial since
it enables consumers to accurately estimate the total amount of money they will need for
the complete buying process, in spite of the fact that many purchasers ignore it in their
enthusiasm for getting a new car, which eventually costs them a fortune or maybe even
causes the defaults.

This research attempts to answer some of the questions regarding the car buying process
and using credit properly, assisting to navigate automobile purchasers in the instant
gratification from impulse buying, the complexities of car acquiring procedures, and credit
card utilization. As the discussion proceeds from theory to practical implementation, the
case study of Juan Cruz will be centered on and emphasized. By investigating Juan Cruz’s
background, financial situation, and existing debts, the aim is to tailor reasonable
recommendations that align with his unique needs and circumstances. From here, the report
will extend into evaluating and recommending the most suitable personal financial plans
for him to obtain his desired outcome in the most financially intelligent way.

Our objective in researching this topic is to provide individuals with the knowledge needed
to make informed decisions, ensuring both their mental and financial health with regard to
car purchasing with credits.

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II. THEORY
Car purchasing process
Whether you're buying a huge appliance, a house, or a car, there are some fundamental
rules to follow when making big purchases:
• Understanding your needs before choosing car
• Understanding your current financial picture (Affordability)
• Select the best items to your needs
• Buy the item after negotiating the best price and arranging financing on favorable
terms.
• Maintain your purchase and make necessary repairs promptly
Using Credit
Consumer credit is important in the personal financial planning process because of the
impact it can have on (1) attaining financial goals and (2) cash budgets. Buyers need to
consider fundamental factors in order to use credit wisely. You should carefully shop
around to choose the right credit cards for your personal situation, understand the
advantages and disadvantages of credit cards, learn how to resolve credit problems, and
learn how to avoid the ultimate cost of credit abuse-bankruptcy.
There are basically four card features to look for:
• Annual fees
• Rate of interest charged on account balance
• Length of the grace period
• Method of calculating balances
Be sure to read (or at least review) the credit agreement, and look for information about
annual fees, grace periods, interest rates, and how finance charges are calculated. Don’t
overlook all those other charges and fees you may be assessed if you’re ever late with a
payment or go over your credit limit.
How Much Credit Can You Stand?
A useful credit guideline (and one widely used by lenders) is to make sure your monthly
repayment burden doesn’t exceed 20% of your monthly take-home pay. Most experts,
however, regard the 20% figure as the maximum debt burden and strongly recommend
debt safety ratios closer to 15% or 10%—perhaps even lower if you plan on applying for a
new mortgage in the near future. The lower the debt safety ratio, the better shape you’re
in, credit-wise, and the easier it should be for you to service your outstanding consumer
debt.
Debt safety ratio = Total monthly consumer credit payments/ Monthly take-home pay
Fees incurred
Interest charges: The average annual rate of interest charged on standard fixed-rate bank
credit cards. Most of these cards have variable interest rates that are tied to an index that
moves with market rates.
Then There Are Those Other Fees

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Besides the interest charged on bank credit cards, there are a few other fees you should be
aware of, namely annual fees just for the “privilege” of being able to use the card, a
transaction fee for each (non-ATM) cash advance, late-payment fees, over-the-limit
charges, foreign transaction fees, and balance transfer fees, etc.
Consumer loans
Using open or revolving credit can prove helpful to those who plan and live within their
personal financial budgets. More important to the long-run achievement of personal
financial goals, however, are single-payment and installment consumer loans. These long-
term liabilities are widely used to finance goods that are far too expensive to buy from
current income, to help fund a college education, or to pay for certain types of nondurable
items, such as expensive vacations
Single Payment or Installment Payments
Consumer loans can also be broken into categories based on the type of repayment
arrangement—single-payment or installment. Single-payment loans are made for a
specified period of time, at the end of which payment in full (principal plus interest) is due.
They generally have maturities ranging from 30 days to a year; rarely do these loans run
for more than a year. Installment loans, in contrast, are repaid in a series of fixed, scheduled
payments rather than in one lump sum. The payments are almost always set up on a
monthly basis, with each installment made up partly of principal and partly of interest. The
repayment period can run from 6 months to 6 years or more.

III. CASE STUDY

1. Overview of the character
It is the beginning of January 2024.
Juan Curz is a 25-year-old Philippino male, who has been working as a Full-time English
teacher in Vietnam for 7 months. He is already engaged with a Vietnamese and planning
to settle his life here. The couple are also looking forward to a wedding in 2027, 3 years
from now on.
Financial situation
• After signing an official working contract with Vinschool, he has secured a stable
source of income. His gross income is 40.000.000 VND for working an average of
40 hours per week at the rate of 250.000 VND per hour.
• He has been 500.000 Philippines pesos in debt (for the HSBC Bank headquartered
in the Philippines) until the end of December 2026.
• Having been residing in a rented service apartment for 7 months, he incurs monthly
fixed expenses for renting and utilities of around 6.500.00 VND, plus other expenses
including groceries, personal supplies, Transportation, Personal Income Tax,
Healthcare, Entertainment, Journey, so that his monthly total expenses stand at
approximately 21,270,000 VND.
Financial objectives
Juan Curz is currently searching for a strategic financial plan that efficiently addresses two
aspects of Financial Optimization and Adaptive Lifestyle to pay off all the credit in three
years including:
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 • Paying off a debt of 500,000 Philippine Peso at the end of December 2026
• Buying a VF8 model with a current price of 1.354.500.000 VND on credit in 2025
2. Demographic analysis and External factors analysis
2.1. Demographic analysis
Regarding financial optimization, investment decisions involve varying degrees of risk and
reward, the riskier the investment, the greater the reward. The client deem himself as a risk-
neutral investor who invests solely based on anticipated returns (Muendler 2008). His risk
attitude and characteristics' impact on investment plans will be discussed below.

In terms of age, Falk and Matulich (1976) implied that younger investors favor riskier
investments (stocks), while older investors opt for safer investments (bonds) since younger
individuals have more time to bounce back. Moreover, man's overconfident and instinct-
driven trading strategies often generate higher returns (Bonello 2019). According to the
client’s first meeting, Juan Cruz regarded himself as risk averse and less frequently trading.
Moreover, employment significantly affects individuals' investment plans and outcomes
since stable jobs and higher incomes induce more willingness to take investment risks
(Browne et al. 2021). Lastly, married people are less inclined to take risks, and their
willingness reduces with the birth of children (Bonello 2019). Hence, the stock weight in
their portfolio decreases, shifting to safer investments such as bank savings.

As we assess his risk tolerance and characteristics – a young single and to-be-married
investor man, we lean towards a relatively conservative investment strategy. Most of his
portfolio (82%) is allocated to bank savings, which typically offer the lowest risks and
returns. Moreover, he will give a smaller portion of his portfolio to stocks, with 15% for
large-cap stocks, a mere 3% for mid-cap stocks, and no share for penny stocks.

Large-cap stocks are less risky and easily liquidated than mid-cap and penny stocks
because they are long-established firms with more stable earnings. Since his priority on
steady cash inflows and high liquidity to save up for his automobile is the driving force
behind this, the investment outcomes would not be highly profitable (WARR<10%).

Regarding his adaptive lifestyle and environmental considerations, we propose a maximum

total monthly expense of around VND 20,000,000 (unadjusted to inflation rate). Besides
the utilities and rental expenses, he will spend his income to adapt to a new habitat and
invest in eco-friendly goods and services. Firstly, while English is increasingly spoken in
tourist areas, fluency in Vietnamese will significantly enhance his daily life and integration
so he can consider taking language classes or finding a language exchange partner.
Secondly, because building a social network as an expat can take time and effort, he can
spend money in joining clubs, attend events, and connect with other foreigners or locals
through online platforms. Therefore, with the environment and adaptation priority, to
enhance his new network in Vietnam and his relationship with his fiancée, he will

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financially invest in experiences with energy-efficient features, historical sites, delicious
cuisine, vibrant traditions, farmers' markets, upcycling workshops, and sustainable cafes.
2.2. External factors analysis
Growing Sino-Russian strategic partnership and BRICS new reserve currency: CNBC
recently reported on China and Russia's stronger economic cooperation in the next 5-10
years and their growing worldwide influence (Cheng 2023). The two nations and other
BRICS countries are developing an alternative reserve currency to dethrone the world's
primary role of the dollar (Glover 2022). Therefore, we anticipate that in the future, the
dollar's dominance will be gradually eroded. This event could impact the performance of
her assets denominated in foreign currency exchanged through US dollar exchange rate;
hence, we will recommend to diversify her portfolio across multiple currencies and
consider investing in primary sectors such as healthcare or utilities to avoid the effects of
exchange rates.

Figure 1. The growing exchange rate of the Russia Ruble against the U.S. dollar from
2012 to 2021 (RUB/USD) (CEIC n.d.)

AI potential advancement: In the future, AI will be increasingly entwined in business

aspects, with an expected CAGR of 37.3% from 2023 to 2030 (GVR 2023) and a constant
upward trend in AI investment (Statista 2022). This might pave the way for her investment
in AI companies through investing in Exchange-Traded Funds (ETFs) that offer exposure
to AI firms or adopt AI technology for investing purposes (OECD 2021).

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 Figure 2. Asia Pacific Artificial Intelligence Market size from 2020 – 2030 (in billion
U.S. dollars) (GVR 2023)

Figure 3. Global total corporate artificial intelligence (AI) investment from 2015 to 2021
(in billion U.S. dollars) (Statista 2022)

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Interest rates stablize in the medium term: According to the latest strategy report of
Vietcombank Securities (VCBS 2023), compared to the end of 2022, the average interest
rate on term deposits across the system decreased by 2 - 2.9% points, depending on the
term. With this development, VCBS believes that currently, deposit interest rates have
dropped deeply to pre-COVID-19 levels and there is little room for further reduction.
However, during the period of economic recovery, maintaining low interest rates will be a
priority. Regarding the stock market, historical data indicates that the market tends to be
positive when monetary policies are eased (TuoitreNews 2023). Therefore, we anticipate
that VN-index will continue the mid-term sideways trend and increase in the long run.
These events would cause a redesign in Juan’s portfolio, with an increasing proportion of
undervalued stock for value investments and reducing saving amounts in banks when
interest rates fall.

Stable commodity and energy prices: A 20.8 percent boost in civil sector salaries is
anticipated to more than balance the deflationary effects of slower GDP and a VAT rate
drop from 10 percent to 8 percent implemented for the second half of 2023. Based on the
prediction of steady commodities and energy prices in 2024, the CPI will reduce to 3.0
percent in 2024 and 2025. (WorldBank, 2023)

Heightened domestic and external risks. Prolonged unpredictability in the global financial
market might lead to renewed strain in the banking industry worldwide, heightened
investor sensitivity to risk, and a deterrent to investment, particularly foreign direct
investment (FDI) into Vietnam. The interest rate differential between domestic and foreign
markets may increase if major industrialized nations continue to tighten their monetary
policies in an effort to battle persistent inflation. Pressure on the local currency's exchange
rate might result from this. The financial industry is more vulnerable and riskier
domestically, which calls for strict oversight and changes. (WorldBank, 2023)
3. Overall financial plan
3.1. Financial goals
According to predefined information, we set two main financial goals to be accomplished
during the period of 2024 to 2033 using the SMART goal method, which are:
a, Pay off 500,000 Peso debt at the end of 2026
Criteria Detail Explanation

Specific Pay off 500,000 Peso debt
in 36 months by paying
fixed monthly payment
• Debt needs to be paid off at the end of
2026 There are 36 months from the
beginning of 2024 to the end of 2026
• Juan chooses to pay on a monthly basis
as it would be easier for him to estimate

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 his monthly budget and it would spread
the weight of paying debt over more
periods.

Measurable Total amount of loan: • Exchange rate = 435.06 (peso/VND)

500,000 Peso ~ • Interest rate (r) = 6.25%
VND217,530 million • Periods (N) = 36
→ Monthly payment = Calculate the monthly payment using the
VND5,509,384 formula:
𝑇𝑜𝑡𝑎𝑙 𝑙𝑜𝑎𝑛
Monthly payment = ×𝑟
(1+𝑟)𝑁 −1

Attainable Can be attained After integrating monthly payments into

budget plan, we conclude that this goal is
achievable

Relevant Needed for the feasibility Paying off this debt by the contracted date will
of future plan prevent him from having a bad credit history,
which may affect his ability to finance his
future plans.

Time- At the end of 2026

bound

b, Purchase VF8 with leverage at December 2026

Criteria Detail Explanation

Specific Purchase a VF8 at VAT inclusive price of Further details

VND1,354,500,000 by paying 15% down discussed in Strategies
payment and taking a mortgage loan with loan-
to-value ratio of 85%

Save and invest to pay Pay off the debt of

15% of no-VAT price 85% of no-VAT price
and other expenses to of VF8
obtain VF8

Measurable Total amount needed = Total amount to be Further details

VND351,681,848 paid off = discussed in Strategies
VND1,081,931,502 and Financing

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 Attainable Can be attained Can be attained After integrating
monthly savings and
payments into budget
and savings &
investment plan, we
conclude that these
goals are achievable

Relevant To be eligible to take Relevant to the plan of Paying off this debt by
out a mortgage loan buying car using the contracted date will
with loan-to-value ratio credits prevent him from
of 85% at VP Bank having a bad credit
history, which may
affect his ability to
finance his future plans.

Time- From January 2024 to From January 2026 to

bound November 2026 December 2032
3.2. Timeline
The starting point is at the beginning of 2024. We divide observed time into 2 periods in
accordance with the main financial goals analyzed above. At each period of time, we will
prioritize different goals and adjust our personal budget as well as savings and investment
plans, which will be further discussed in Budgeting and Savings and Investments to align
with such targets.
a, Period 1: Saving and Paying debt in Philippines
During period 1, there are 2 main important events, which are:
• Purchase of VF8 car on December 2025
• Debt payoff of 500,000 Peso at the end of 2026
The main financial goals of this period are:
• Pay off 500,000 Peso debt at the end of 2026
• Save enough money to make 15% down payment and pay other expenses for car
purchase
b, Period 2: Debt clearance
During period 2, there are 2 main important events, which are:
• Marriage with Juan’s fiancé at the beginning of 2027
• Debt clearance in December 2032
The main financial goals of this period are:
• Pay off VND1,081,931,502 debt to purchase car in December 2032

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3.3. Strategies
a, Pay off the debt of 500,000 Peso
We chose to make monthly payment for 500,000 Peso debt to easily integrate
To calculate the amount of the monthly payment for the debt of 500,000 Peso, we first
exchange 500,000 Peso for VND217,530,000 using the following formula:
𝑇𝑜𝑡𝑎𝑙 𝑙𝑜𝑎𝑛 (𝑖𝑛 𝑉𝑁𝐷 ) = 𝑇𝑜𝑡𝑎𝑙 𝑙𝑜𝑎𝑛 (𝑖𝑛 𝑃𝑒𝑠𝑜) × 𝐸𝑥𝑐ℎ𝑎𝑛𝑔𝑒𝑟𝑎𝑡𝑒
with the given exchange rate = 435.06 (peso/VND)
Afterwards, we use the following formula to calculate the monthly payment:
𝑇𝑜𝑡𝑎𝑙 𝑙𝑜𝑎𝑛
𝑀𝑜𝑛𝑡ℎ𝑙𝑦 𝑝𝑎𝑦𝑚𝑒𝑛𝑡 = ×𝑟
(1 + 𝑟)𝑁 − 1
with:
• Number of periods (N) = 36
• Interest rate (r) = 6.25%/12 ~ 0.521%/month
Therefore, the monthly payment would be VND5,509,384, which is considered as an
expense included in the calculation of total outflow (discussed in Budgeting).

Table 1. Summary of monthly payment calculation for 500,000 Peso debt

b, Purchase VF8 with leverage
• Total expenses:

Table 2. Total expenses to purchase VF8 in 2025 (expenses are adjusted for inflation rate
of 3.37%)
After conducting research on other expenses involved in car purchases, we highlight some
key findings:
• Value-added tax (VAT) rate for electric cars is 10%. Therefore, VAT for VF8 would
be VND127,286,059.
• Total amount for insurance would be VND13,226,700, which covers 2 types of
insurance:
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 • Insurance on civil liability, which are enforced by the government, has annual fee
of VND437,000
• Content insurance for cars is required by banks to take out a mortgage loan on a car
purchase. Consequently, we chose to buy Bao Viet Insurance’s content insurance
on the car for the annual fee of VND12,789,700 due to its large coverage, good
customer service, and discounted price.
• License plate fee equals VND20,000,000.
• Registration rate is 0% for the period of 2022 to 2025, according to Decree
10/2022/ND-CP on registration fees. Therefore, registration fees would be VND0.
• Inspection fee equals VND240,000
The total expenses to obtain a VF8 in 2025 would be VND1,433,613,350.
• Financial plan:
To obtain financial optimization, we have built a financial plan that best fits his condition
and lifestyle.

Table 3. Overview of the financial plan to buy car with leverage

• Financing: Take out a mortgage loan with loan-to-value ratio of 85%, which equals
VND1,081,931,502 at VP Bank (85% of VF8’s no-VAT price) at VP Bank (further
discussed in Financing)
• Down payment: Make a down payment of VND351,681,848 for 15% of no-VAT
price and other expenses with money from savings and investments, which are
VND303,438,677 and VND48,243,170, respectively. (further discussed in Savings
and Investments)
4. Financing
As mentioned in section “Purchase VF8 with leverage”, we decide to take out a mortgage
loan at VP Bank for the following reasons:
Features Benefits

Conditions to take out a mortgage loan: Juan’s predefined information fits the
• Age: 20 - 65 conditions to take out a mortgage loan at
• Collateral: Car purchased by taking VP Bank
out the mortgage loan
• Market value of car purchased is
greater than VND200,000,000

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 Short approval time: Minimum of 5 Gain capital within short period of time
minutes

High loan-to-value ratio limit up to 85% Large amount of capital offered

Loan term: Maximum of 96 months Spread the burden of paying debt to a long
period of time

Simple financial proof documents Less paperwork

In terms of the repayment option, we choose to pay both principal and interest on a monthly
basis over 84 months, from January 2026 to December 2032.

Table 4. Summary of the repayment option from 2026 to 2032

4.1. Interest rate:

Regarding the interest rate, for the first 2 years, Juan would receive a discounted interest
rate of 8.99%/year. Afterwards, Juan would pay the interest rate which equals the 12-month
deposit interest rate at VP Bank plus the interest margin of 4%. To estimate the interest
rate during this period, we calculate the expected 12-month deposit interest rate at VP Bank
based on data from 2020 to 2024, using the following formula:

∑(𝑌𝑒𝑎𝑟𝑙𝑦 𝑖𝑛𝑡𝑒𝑟𝑒𝑠𝑡 𝑟𝑎𝑡𝑒)

𝐸𝑥𝑝𝑒𝑐𝑡𝑒𝑑 𝑖𝑛𝑡𝑒𝑟𝑒𝑠𝑡 𝑟𝑎𝑡𝑒 =
𝑁𝑢𝑚𝑏𝑒𝑟 𝑜𝑓 𝑦𝑒𝑎𝑟𝑠

Table 5. Summary of calculation of interest rate from 2028 to 2032

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4.2. Monthly principal repayment:
The original principal of VND1,081,931,502 is equally spread over 84 months. Therefore,
the monthly principal payment is calculated using the following formula:
Monthly principal repayment = Original amount of principal Numbers of period
Eventually, the monthly payment would be VND12,880,137.
4.3. Monthly interest repayment:
Monthly interest repayments are calculated based on the original principal left after making
the monthly principal repayment in the previous month:
Monthly interest repayment = Original principal left x Interest rate
The amortization of the loan over 7 years is illustrated in the following graphs:

Table 6. Monthly interest repayment

Figure 4. Mortgage loan’s amortization from 2026 to 2033

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The total amount of principal and interest payments is considered an expense included in
the calculation of the total outflow (further discussed in Budgeting).

5. Budgeting
Budgeting plays a crucial role in financial planning as it integrates financial goals into the
cash movements of an individual. In this section, we demonstrate how we align Juan’s
budget plan with his financial goals in each period mentioned in the previous parts.
5.1. Overview:
Inflation: 3,37% (the average rate from 2013 to 2023)
Interest rate (for deposit): 5.5% (for 12-month term in Public Bank)
Income increases by 5% each year
5.2. Assumption:
Above all, there are several significant assumptions regarding the cash flows and discount
rates to prepare Juan Cruz’s budget.
First, the inflation rate is 3,37%. According to Vietnam inflation rate data from 1987 to
2028, the average inflation rate in Vietnam ranges between 3,35% - 3,4% under the
circumstances of no critical events. One implication of this assumption is that Juan Cruz
expenses will increase by 3,37% each year as the CPI grows.
Second, the interest rate for deposits is 5.5%/year, as Juan Cruz needs to open 2 saving
accounts at Public Bank and assume that this rate remains constant throughout the period.
Third, he has to pay off a debt of 500,000 Philippine Peso at the end of December 2026
with an interest rate (for house loan) in the Philippines: 6.25% (for a fixed term of 3 years
in HSBC).
Fourth, all cash inflow will be distributed among expense payments, saving accounts, and
investments in stock.
Fifth, Juan is planning to buy a VF8 model with a VAT inclusive price of
VND1.354.500.000 on credit in 2025.
Sixth, he is engaged to a Vietnamese woman, and he will get married in 2027 - at the age
of 28. The couple will have no kids until they pay off all credits in 2032.
Seventh, Juan Cruz has been a full-time English teacher at Vinschool in Vietnam for 7
months with a gross income of VND40,000,000.
5.3. Inflow:
Juan Cruz’s total inflow comes from 4 main streams: Total household salary, interest from
saving accounts, dividends, and return from investments.

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 Table 7. Inflow breakdown
In general, income will increase by 5% annually over the period observed, except for a
slight decrease in 2026 due to lower interest from saving accounts and a new expense
incurrence - payment on the mortgage loan to purchase car. Besides, in 2027, there will be
a roar in total inflow as Juan will get married and his wife’s salary will be included in the
total inflow calculation (details in Appendix 1).

Figure 5. Total inflow from 2024 to 2032

a, Total Household Salary
Total household salary includes 2 parts: Juan's salary (gross) and His spouse's salary
(starting from 2027)

Table 8. Total household salary breakdown from 2024 to 2027

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 As of January 2024, Juan Cruz had signed an official working contract with Vinschool as
a Full - time English teacher and had been working in this position for 7 months. With an
average working week of 40 hours and an hourly wage of VND250,000, his gross monthly
income in period 1 is VND40,000,000.
Regarding Juan Cruz’s plan, at the beginning of 2024, he got engaged to a Vietnamese
woman. We expect that he will get married in 2027; therefore, his wife's monthly salary of
VND30,000,000 is included in the calculation of total household salary starting from the
beginning of period 2, leading to a significant increase in total cash inflow from then on.
Based on the predefined information, Juan Cruz's income increases by 5% each year. We
expect that his wife’s salary will increase at the same rate (details in Appendix 1)
The future value of Juan and his wife’s income will be calculated by the formula:
Future salary value =Present salary value Rate of salary hike
With the rate of salary hike equals 5%
b, Other incomes
• Interest from saving accounts: This income arises from 2 saving accounts (further
discussed in Saving and Investments) and will be kept in these saving accounts
until Juan withdraws it for his future financial plan. Over the time, this amount will
increase as the saving balance increases along with Juan’s family salary hike.
• Dividend: We assume that from 2025, each year Juan will receive an amount of
dividend payout from his investments in stocks (further discussed in Saving and
Investments)
• Return from investment: This income only arises in 2025 when Juan sells the
stocks purchased in 2024 to finance his car purchase plan (further discussed in
Saving and Investments)

Table 9. Return from investment in 2025 to finance car purchase

5.4. Outflow:
Juan Cruz’s total outflow arises from 9 main streams: Total Housing Expenses, Loan
Payments (in Philippines), Total Daily Living Expenses, Transportation, Personal Income
Tax, Healthcare, Entertainment, Journey and Miscellaneous.

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 Table 10. Outflow breakdown
In general, all expenses will be adjusted for the inflation rate of 3.37% every year, leading
to an annual increase in total expenses. Notably, the graph below highlights 2 significant
increases in expenses which are the increase in 2025 due to the purchase of VF8 and the
increase in 2027 as we include the expenses of Juan’s wife in the total expenses calculation
(details in Appendix 2).

Figure 6. Total expenses from 2024 to 2027

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a, Total Housing Expense
Juan Cruz’s housing expenses consist of 2 main parts: rent expenses and other utilities. In
2024, Juan Cruz rents a house for VND5,000,000 per month. Other expenses such as
electricity, water, and internet amount to a total of VND1,500,000 per month, making his
total monthly housing expenses of VND6,500,000 and yearly housing expenses of
VND78,000,000.

Table 11. Housing expenses in 2024

Based on the overall financial plan, Juan Cruz will buy VF8 in the December of 2025 so
in 2026, the electricity expense will increase from more than VND1,500,000 to
VND2,000,000 due to car charging.
In 2027, Juan Cruz will get married so the total housing expense will rise accordingly to
cover the needs of the couple. Considering the rent expense, Juan will rent a new house
with a monthly expense of VND10,000,000 while the other utilities in 2027 also increase
to VND2,500,000.

Table 12. Housing expenses change from 2025 to 2027

b, Loan Payment (in Philippines)
As calculated in section “Pay off the debt of 500,000 Peso”, each month from 2024 to the
end of 2026 (period 1), Juan will pay VND5,509,384 to cover his debt in Philippines.

Table 13. Loan payment (in Philippines) from 2024 to 2026

c, Total Daily Living Expenses
During period 1, we limit daily living expenses to focus on paying debt and saving for car
purchase in 2025. Moving to period 2, our target shift to fulfill an adaptive lifestyle for
Juan and his wife, which consequently results in big differences between monthly expenses
in 2024 and 2027:
• In 2024, Juan’s total daily living expenses will be limited to a minimum of
VND3,300,000.
• In 2027, total daily living expenses will be VND7,500,000.

Table 14. Comparison of expenses in the beginning of Period 1 and Period 2

19
d, Transportation
As to paying debt and saving money in period 1, Juan will cut down on Transportation
expenses in 2024 and 2025 by using public transportation with a monthly expense of
VND100,000. At the end of 2025, Juan will make a down payment on his car purchase
of VND351,681,848 (including 2025 insurance fees of VND13,672,440).
As calculated in section Financing, starting from 2026, each month Juan would repay an
amount of principal and interest on the mortgage loan until the end of 2032, when the
mortgage loan on the car is paid off. Also, he would need to pay an annual insurance fee
of VND13,672,440 for his car (details in Appendix 2).

Table15. Transportation expenses from 2024 to 2026

e, Personal Income Tax
During period 1, Juan Cruz still lives alone, so he has to pay VND3.270.000 for Personal
Income Tax.
Formula:
Personal deduction = 11,000,000
Deduction for dependents = 1 x 4,400,000 = 4,400,000
Taxable income = 40,000,000 - 11,000,000 - 4,400,000 = 24,600,000
+ Level 1: Taxable income up to 05 million VND, tax rate 5%:
5,000,000 × 5% = 250,000
+ Level 2: Taxable income over 05 million VND to 10 million VND, tax rate 10%:
(10,000,000 - 5,000,000) × 10% = 500,000
+ Level 3: Taxable income over 10 million VND to 18 million VND, tax rate 15%:
(18,000,000 - 10,000,000) × 15% = 1,200,000
+ Level 4: Taxable income over 18 million VND to 32 million VND, tax rate 20%:
(24,600,000 - 18,000,000) × 20% = 1,320,000
Personal income tax = 250,000 + 500,000 + 1,200,000 + 1,320,000 = 3,270,000
During period 2, as he gets married, his family has to pay VND11,101,500 for Personal
Income Tax.
Formula:
Personal deduction = 11,000,000
Dependent deduction = 2 x 4,400,000 = 8,800,000
Taxable income = 76,305,000 - 11,000,000 - 8,800,000 = 56,505,000
+ Level 1: Taxable income up to 05 million VND, tax rate 5%:
5,000,000 × 5% = 250,000
+ Level 2: Taxable income over 05 million VND to 10 million VND, tax rate 10%:
(10,000,000 - 5,000,000) × 10% = 500,000
+ Level 3: Taxable income over 10 million VND to 18 million VND, tax rate 15%:
(18,000,000 - 10,000,000) × 15% = 1,200,000
+ Level 4: Taxable income over 18 million VND to 32 million VND, tax rate 20%:
20
(32,000,000 - 18,000,000) × 20% = 2,800,000
+ Level 5: Taxable income over 32 million VND to 52 million VND, tax rate 25%:
(52,000,000 - 32,000,000) × 25% = 5,000,000
+ Level 6: Taxable income over 52 million VND to 80 million VND, tax rate 30%:
(56,505,000 - 52,000,000) × 30% = 1,351,500
Personal income tax = 250,000 + 500,000 + 1,200,000 + 2,800,000 + 5,000,000 +
1,351,500 = 11,101,500
f, Health Care/Entertainment/Journey/Miscellaneous
In period 1, these expenses will be reduced to around VND300,000 to VND500,000 to
fully focus on paying debt and saving. Until period 2, all of these expenses will grow by
twice to three times as Juan get married.

Table 16. Health Care/Entertainment/Journey/Miscellaneous expenses in 2024

and 2027
g, Compare

Total Expense 2024

Figure 7. Total Expense 2024

21
 Total Expense 2027

Figure 8. Total Expense 2027

There are significant changes in some criteria like Transportation move from 0,5 % to
34,8% since he achieved VF8 in 2026, Total Housing expense since he gets married in
2027, while with the adaptive lifestyle some criteria. The charts witness the upward trend
of Entertainment and Journey from 2,5% to 3,6%. And also, with the increase in salary
and their wedding, the Personal Income tax also increased approximately 4%.
5.5. Cash surplus
Cash surplus in a year is the amount left after deducting total expenses from the total inflow
of that year. This amount will then be put into saving accounts and investments in stocks
(further discussed in Saving and Investments).
Cash surplus = Total inflow - Total expenses = Total investment + Total savings
The figure shows an upward trend in general, from 2024 to 2025, the cash surplus line
witnessed an increase. From 2026, cash surplus plummeted from approximately 300
million VND to just over 13 million VND. As the career path of Juan Cruz, in 2026, he
has to pay for the Loan payment of the car and also has to pay for the debt. In 2027, the
cash surplus line received a recover from over 13 million VND to more than 200 million
VND duo to his wife salaries.

22
 Figure 9. Cash surplus from 2024 to 2032
6. Savings and Investments
6.1. Overview
a, Overview:
• Cash surplus each year, which is calculated in section Budgeting, is then
allocated for saving and investing purposes. Most of Juan’s portfolio (82%) will
be allocated to bank savings, which typically offer the lowest risks and returns.
This means that a smaller portion of his portfolio will be given to stocks, with
15% for large-cap stocks, a mere 3% for mid-cap stocks, and no share for penny
stocks.
Total Saving = (Total Inflow - Total Expenses)*0.82 = Cash surplus*0.82
Total Investments = (Total Inflow - Total Expenses)*0.18 = Cash surplus*0.18
• Juan will make a down payment of VND351,681,848 in December 2025 with
cash from savings and investments.
b, Assumptions:
• The growth rate of stock prices and dividend per share ratio remain the same
over the observed time.
• There are no market fluctuations.

23
 Figure 10. Juan’s S&I Portfolio breakdown
6.2. Investment plan
a, Portfolio:
After researching the market, we put our eyes on 3 stocks: FPT, VNM, and BMP, among
which FPT and VNM are large-cap stocks and BMP is a mid-cap stock. Based on the price
of stocks and the scale of the companies, we suggest that the weight Juan should put on
these stocks is 8%, 7%, and 3%, respectively.
According to SSI Research (n.d.), the expected rates of return for FPT, VNM, and BMP
are 21%, 9%, and 6%, respectively, and dividend ratios are all above 10%.

Table 17. Investment Portfolio

24
b, Strategies:
To reach financial goals in period 1 and create another source of income for Juan, we plan
to buy a certain amount of stocks with cash distribution for investments and only sell shares
in 2025 to finance Juan’s car purchase.
𝐶𝑎𝑠ℎ 𝑑𝑖𝑠𝑡𝑟𝑖𝑏𝑢𝑡𝑖𝑜𝑛 𝑓𝑜𝑟 𝑠𝑡𝑜𝑐𝑘
𝑁𝑢𝑚𝑏𝑒𝑟 𝑜𝑓 𝑠ℎ𝑎𝑟𝑒𝑠 𝑝𝑢𝑟𝑐ℎ𝑎𝑠𝑒𝑑 =
𝑆ℎ𝑎𝑟𝑒 𝑝𝑟𝑖𝑐𝑒
Total value in investment (in year X) = Number of owning shares × Share price (in year
X)
With:
Share price (in year X) = Share price in 2024 × (1 + Price growth)X-2024
Regarding dividends, as Juan purchases a certain share amount each year and will not sell
until 2025, the share number increases over time. Therefore, dividends are compounded
each year, adding to his annual cash inflow, as mentioned in section Budgeting.
Yearly dividend payment = Number of owning shares × Dividend ratio × 10,000VND
c, Cashflows from investments:
As cash for investments takes up 18% of the cash surplus, we have a certain amount of
cash for investment each year, as below:

Figure 11. Cash for investment from 2024 to 2032

In 2024, we would invest VND42,380,530 in stocks and sell them in 2025. Consequently,
the total return from the sale of shares would be VND48,243,170, calculated using the
above equations.

25
 Table 18. Return from shares sale in 2025
Over time, as cash for investment and share prices increase, the total value of investments
will also increase. In 2032, Juan will have a total of 728,149,300 VND in stock investments
(details in Appendix 3)

Figure 12. Total value in investments from 2024 to 2032

In terms of dividend, the amount of dividend that Juan receives starting from 2025 will be
included in the calculation of total inflow in Budgeting and will increase gradually over
the time, as illustrated below (details in Appendix 1):

26
 Figure 13. Dividend payout from 2025 to 2032
Ultimately, with this investment plan, by Nov 2025, Juan will have 48,243,170VND for
his car down payment and an annual income from dividend payouts.
6.3. Saving plan
a, Strategies:
We suggest that he open 2 savings accounts, one for car purchase in 2025 and the other
for long-term savings for his future financial plans (Details in Appendix 4).
• Savings for car purchase: The purpose of this account is for the down payment of
the VF8 car in 2025, so this account has a short time span, only from Jan 2024 to
Nov 2025. In Investment plan, we calculate the amount attained from investments,
which is 48,243,170VND. Therefore, we need to save 303,438,677 VND in this
savings account by November 2025. To calculate monthly amount to put in this
account, we use the following formula:
𝑇𝑜𝑡𝑎𝑙 𝑠𝑎𝑣𝑖𝑛𝑔𝑠 𝑛𝑒𝑒𝑑𝑒𝑑 × (1 + 𝑟)𝑁
𝑀𝑜𝑛𝑡ℎ𝑙𝑦 𝑠𝑎𝑣𝑖𝑛𝑔𝑠 =
(1 + 𝑟)𝑁 − 1
Therefore, the amount of money Juan need to put in this account will be
12,173,215VND each month from January 2024 to November 2025. Eventually, in
November 2025, Juan will have 303,438,677 VND for his car purchase.
• Long-term savings account: The amount left from cash distribution for savings
after putting money into the first savings account will go to this account for future
financial plans. After 2025, all cash distribution for savings will only go to this
account as car purchase has been made in 2024.

27
 Table 19. Savings breakdown in 2024 and 2025
• Total savings balance:
The total money saved by Juan if applied the strategy by November 2025 will be
456,617,246 VND and 303,438,677 VND in which are for his car down payment
and the rest - 150,178,569 VND are his long-term savings (Details in Appendix 5)

2024 2025
SAVING ACCOUNTS Ending Ending
Nov 2025
Balance Balance
TOTAL SAVING ACCOUNTS
đ193,066,861 đ453,617,246 đ150,178,569
BALANCE (*) (**)
Table 20. Total savings balance of Juan by 2025

28
IV. CONCLUSION
In our journey to address Juan Cruz’s needs, we have addressed and resolved existing
debts, determined future financial goals, explored various credit options, evaluated critical
criteria, and made informed decisions.

After a thorough analysis of credit package options for Juan Cruz, it's evident that selecting
the right financial plan with thorough calculation and estimation, affordability, reliability,
and long-term security is crucial for his financial well-being. In this regard, this financial
plan successfully assists Juan Cruz in reaching his goals of paying off his debt in 2026 and
purchasing a new car, at the same time addressing changes across two aspects Financial
Optimization and Adaptive Lifestyle including gaining 351,681,848 VND from savings
and investment, and paying off mortgage loans of 1,081,931,502 VND at VP Bank
respectively.

We would like to express our sincere appreciation to Mrs. Nguyễn Đỗ Quyên for delivering
insightful lectures and for supporting us in accomplishing our inspiring midterm project.
Thanks to the newfound insights. We are now equipped with a more comprehensive grasp
of purchasing cars with credit, which would be indispensable preparations for our future.

We are deeply thankful for this midterm project opportunity.

29
V. REFERENCES
1. Bonello A (2019) Understanding the investor, Emerald Publishing Limited, UK.
2. Browne M, Jäger V, Richter A and Steinorth P (2021) 'Family changes and the
willingness to take risks', Journal of Risk and Insurance, 89:187-209, accessed 3
March 2024, Wiley Online Library database.
3. CEIC (2023) Russia Exchange Rate against USD [dataset], CEIC website, accessed
3 March 2024.
https://www.ceicdata.com/en/indicator/russia/exchange-rate-against-usd
4. Cheng E (22 March 2023) 'China and Russia affirm economic cooperation for the
next several years', CNBC, accessed 3 March 2024.
https://www.cnbc.com/2023/03/22/china-and-russia-affirm-multi-year-
economic-cooperation.html
5. Glover G (24 June 2022) 'Russia and China are brewing up a challenge to dollar
dominance by creating a new reserve currency', Markets Insider, accessed 3 March
2024.
https://markets.businessinsider.com/news/currencies/dollar-dominance-
russia-china-rouble-yuan-brics-reserve-currency-imf-2022-6
6. Grand View Research (GVR) (2023) Artificial Intelligence Market Size, Share &
Trends Analysis Report By Solution, By Technology (Deep Learning, Machine
Learning), By End-use, By Region, And Segment Forecasts, 2023 – 2030, GVR
website, accessed 3 March 2024.
https://www.grandviewresearch.com/industry-analysis/artificial-intelligence-
ai-market
7. Matulich S and Falk H (1976) 'The Effect of Personal Characteristics on Attitudes
Toward Risk', Journal of Risk and Insurance, 43(2):200-215, accessed 3 March
2024, ProQuest database.
8. Muendler M (2008) 'Risk-neutral investors do not acquire information', Finance
Research Letters, 5(3):156-161, accessed 4 April 2023, ScienceDirect database.
9. OECD (2021) Artificial Intelligence, Machine Learning and Big Data in Finance:
Opportunities, Challenges and Implications for Policy Makers, OECD website,
accessed 3 March 2024.
https://www.oecd.org/finance/financial-markets/Artificial-intelligence-
machine-learning-big-data-in-finance.pdf
10. Thormundsson B (2023) AI corporate investment worldwide 2015-2021, Statista
database, accessed 3 March 2024.
https://www.statista.com/statistics/941137/ai-investment-and-funding-
worldwide/
11. WChart (n.d.) Interbank interest rates [dataset], WChart website, accessed 3
March 2024.
https://wichart.vn/macro?tab=liennganhang

30
12. World Bank Group (2023) Vietnam’s economic growth slows due to global
headwinds and internal constraints, World Bank.
Available at: https://www.worldbank.org/en/news/press-
release/2023/08/10/vietnam-s-economic-growth-slows-due-to-global-headwinds-
and-internal-constraints (Accessed: 03 March 2024)
13. Quangnh. (2022, August 24). Bảo Hiểm Xe Ô tô Điện VinFast, Những Lưu Ý Bạn
Cần Biết. Vinfast Chevrolet Newway.
https://vinfastnewway.com.vn/bao-hiem-xe-o-to-dien-vinfast/
14. VPBank. (n.d.). Vay mua xe ô tô VPBank: Lãi suất ưu đãi, thủ tục nhanh gọn.
Ngân Hàng TMCP Việt Nam Thịnh Vượng.
https://www.vpbank.com.vn/ca-nhan/vay/vay-mua-oto
15. Các loại thuế xe ô tô và cách tính thuế khi mua xe | Toyota. (n.d.).
https://www.toyota.com.vn/tin-tuc/thong-tin-bo-tro/thue-xe-o-to-36884
16. Vinh Đ. T. (2023, November 1). BẢO HIỂM VẬT CHẤT Ô TÔ. Bảo Việt Trực
Tuyến - Tư Vấn Và Cung Cấp Bảo Hiểm Trên Toàn Quốc.
https://ibaoviet.vn/bao-hiem-vat-chat-o-to/
17. Vinh Đ. T. (2018, April 14). Mua bảo hiểm vật chất xe ô tô – điều kiện cần để vay
mua xe. Bảo Việt Trực Tuyến - Tư Vấn Và Cung Cấp Bảo Hiểm Trên Toàn Quốc.
https://ibaoviet.vn/mua-bao-hiem-vat-chat-xe-o-to-dieu-kien-can-de-vay-
mua-xe/
18. Topi.Vn. (2022, March 25). Biên độ lãi suất là gì? Biên độ lãi suất các ngân hàng
2023 tại Việt Nam. Topi.
https://topi.vn/bien-do-lai-suat.html
19. N.T. (2023, June 27). FPT trả cổ tức 10% bằng tiền và bằng cổ phiếu, tỷ lệ
20:3. Tin Nhanh Chứng Khoán.
https://www.tinnhanhchungkhoan.vn/fpt-tra-co-tuc-10-bang-tien-va-bang-co-
phieu-ty-le-203-
post324688.html#:~:text=(%C4%90TCK)%20Ng%C3%A0y%206%2F7,s%
E1%BA%BD%20%C4%91%C6%B0%E1%BB%A3c%20nh%E1%BA%A
Dn%201.000%20%C4%91%E1%BB%93ng.
20. Quang D. (2022, December 3). Vinamilk chi trả cổ tức “khủng”, có cổ đông nhận
về cả nghìn tỷ đồng. Báo Điện Tử Tiền Phong.
https://tienphong.vn/vinamilk-chi-tra-co-tuc-khung-co-co-dong-nhan-ve-ca-
nghin-ty-dong-post1491882.tpo
21. Vũ A. (2022, October 14). Nhựa Bình Minh (BMP) sắp trả cổ tức đợt 1/2022 bằng
tiền, tỷ lệ 31%. etime.danviet.vn.
https://etime.danviet.vn/nhua-binh-minh-bmp-sap-tra-co-tuc-dot-1-2022-
bang-tien-ty-le-31-20221014180649351.htm
22. Toàn cảnh thị trường. (n.d.). https://s.cafef.vn/du-lieu.chn

31
VI. APPENDIX
1. Tables

Appendix 1. Total cash inflow from 2024 to 2032

32
 Appendix 2. Total expenses from 2024 to 2032

Appendix 3. Total value in investments from 2024 to 2032

Appendix 4. Savings and investments breakdown

33
 Appendix 5. Savings ending balance from 2024 to 2032
2. Group 15 challenge for our group:
It is the beginning of January 2024.
Juan Cruz has been a Full-time English teacher in Vietnam for 7 months and is planning
to settle his life in here. After signing an official working contract with a company, he
secured a stable source of income.
Beside paying off a debt of 500,000 Philippines Peso (for the HSBC Bank headquartered
in the Philippines) at the end of December 2026, Juan is also planning to buy a VF8
model with a VAT inclusive price of 1.354.500.000 VND on credit in 2025. As a
Personal Finance Advisor, you need to provide a strategic plan to paying off all credit as
required. The plan should necessarily address changes across 2 aspects: Financial
Optimization, Adaptive Lifestyle
Assumptions:
• Inflation: 3,37% (the average rate from 2013 to 2023)
• Interest rate (for deposit): 5.5% (for 12-month term in Public Bank)
• Interest rate (for car loan): optional (based on the specific terms at the bank of
your choice)
• Exchange rate: 435,06 (peso/VND)
• Interest rate (for loan) in Philippines: 6.25% (for a fixed term of 3 years in HSBC)
Income increase 5% each year
Background information:
• Name: Juan Cruz
• Nationality: Philippines
• Age: 25
• Gender: Male
• Location: Living in Vietnam for 7 months in a rent service apartment
• Marital Status: Engaged with a Vietnamese (expected to get married in 2027, 3
years from now)
• Occupation: Freshly teacher - Signed a contract as a Full-time English Teacher at
Vinschool

34
3. Our group challenge for group 5
Scenario: You're an excellent Vietnamese student with a full EMLE scholarship to
study Master in Law & Economics in Europe for 01 academic year. EMJM scholarship
holders will receive a monthly contribution (only within an academic year) of 1400
Euro to cover all costs related to travel, visa, installment and subsistence costs for the
duration that students will be on the programme (depending on the date of return to the
home country). You choose to follow a track in the EMLE programme named "Public
and International Track (IPL) in 03 countries: Rotterdam, Harmburg, Rome.

Excitement bubbles amidst anxieties; one major concern is navigating the unfamiliar
healthcare system and finding an affordable health insurance plan.
35
Assumption
• Age: 22
• Gender: Female
• Nationality: Vietnamese
• Major: Law & Economic
• Part-time job: graphic designer
• Medical history: Diabetes
• Hobby: Mountain climbing, motorcycling
• Food preference: Diabetic diet
• Health plan: annual health check-up, wisdom tooth extraction, appendicitis
surgery risk (least painful level), check blood sugar levels periodically
• Insurance preference: Insurance takes up a maximum of 5-10% of total monthly
expenses, covering effective health insurance in Vietnam when traveling back
to enjoy Lunar New Year or Spring Break.

Your Challenge:

1. Develop a healthcare insurance strategy that balances comprehensive

coverage with your Vietnamese student budget. Research both university and
private options, compare costs and benefits, and present your chosen plan to a
fellow Vietnamese student facing the same dilemma.

1.1 Balancing budget and coverage:

• Find a budget plan that fits your background (hobby, preferences,
health plan, etc.) while providing adequate coverage for potential risks.
• Pay more attention to your preference for food to build an optimal budget.
(guide: build sample menu for diabetes → estimated budget for food →
find an optimal alternative)

1.2. Beyond campus coverage

• After graduation in 2025, you may create your own business and get
married in Vietnam in the same year. Building a start-up would be a
frustrating-yet-exciting journey for you. Yet, accompanied with the
extensive workload from your start-up is increasing risk of health issues.
You would need an alternative insurance option integrated with your
family’s insurance plan. Find the optimized insurance plan, given extra
information:
o Your salary: 20m/month
o Your husband’s salary: 40m/month
o Preference:
▪ You and your husband prefer a DINK lifestyle (Dual
income, no kids)
36
 ▪ Health plan: annual medical check-up
Bonus points: Consider creative solutions like student discounts, cultural support groups,
or alternative healthcare options available in chosen countries. How can you navigate the
system effectively and maximize your healthcare resources? (optional)

37