You are going to search the costs involved with buying a used car first.You are welcome to use whatever website you choose to search for a car but you will need to assume that you will have to take out a loan to buy the car.Use the internet to help you start searching.The used car should be between $6,000 – $15,000.You must include photos of the car.When you have found a vehicle record the information below:
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- Find a Car
- Calculate the Payments
- Find a Car
- Calculate the Payments
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|
Price |
Between $6,000 and $15,000 |
|
Year |
|
|
Make |
|
|
Model |
|
|
Mileage |
|
|
Body Type |
CARSUVTRUCK |
|
Down Payment |
$3,000 |
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You will now need to calculate the costs involved with buying this vehicle.For this Online class use the following financial calculator for car payments:net/auto-loan-calculator.html”>https://www.calculator.net/auto-loan-calculator.html
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|
Amount to be Financed |
Total Cost (including tax and interest) minus Down Payment |
|
Interest Rate |
5% |
|
Repayment Period |
4 years / 48 Months |
|
Payment Frequency |
Monthly |
|
Monthly Loan Payment |
|
|
Total Interest Paid |
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Part 2: Buy a New Car
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You are now going to search the costs involved with buying a new car from a dealership.You are welcome to choose whatever car company and whatever features you want on the car but you will need to assume that you will have to take out a loan to buy the car.The new car should be between $20,000 – $75,000.Use the internet to start searching. Photos of the car must be included. When you have found a vehicle record the information below:
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|
Price |
Between $20,000 and $75,0000 |
|
Year |
|
|
Make |
|
|
Model |
|
|
Mileage |
|
|
Body Type |
CARSUVTRUCK |
|
Down Payment |
$7,000 |
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You will now need to calculate the costs involved with buying this vehicle.For this Online class use the following financial calculator for car payments:https://www.calculator.net/auto-loan-calculator.html
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|
Amount to be Financed |
Total Cost (Including tax and interest) minus Down Payment |
|
Interest Rate |
4% |
|
Repayment Period |
5 Years – 60 months |
|
Payment Frequency |
Monthly |
|
Monthly Loan Payment |
|
|
Total Interest Charged |
(Payment x 60 months) – Amount Financed = |
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Part 3: Answer the following questions
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Which vehicle would you choose and why?
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How much money do you think you need to earn in order to afford the monthly payments on the vehicle?
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