How much will the car cost you on a monthly basis

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Reference no: EM133266540

Assignment - Car Financing Mathematics Questions

Vehicle Purchasing - Directions - Suppose that you want to purchase a vehicle. Go on-line (or to a dealership) and find the answers for the following questions. Print out the project and write out your answers. Make sure you show your work. Then, scan the project into a PDF file and submit your project on Canvas.

1. Pick any car and state the year, model, and make of the car.

2. State the MSRP for the car.

3. State the highway gas mileage of the car.

4. State the city gas mileage of the car.

5. How many miles do you drive each month on the highway? (Use 500 miles or more.)

6. How many miles do you drive each month in the city? (Use 500 miles or more.)

7. How much will insurance cost each month? (Submit proof of insurance with your project.)

8. If gas costs an average of $3.65 per gallon, how much will the car cost you in gas each month? (If you have chosen an electric car, figure out how much it will cost to charge your car to drive your monthly mileage.)

9. If your car dealer offers a loan at a rate of 4.99% for 60 months, how much will your monthly payments be?

10. How much will you pay in total for the car after you are done paying off the loan?

11. Using your above answers, how much will the car cost you on a monthly basis when considering only the loan, gas, and insurance?

12. Now suppose you pay an extra $50 each month on your loan payments. How long will it take you to pay off the car then?

13. If you paid the extra $50 each month, how much would you end up paying in total for the car?

14. If you wanted to pay the car loan off in 12 months, how much would your monthly payments be?

15. What other factors should you consider when purchasing a vehicle? (You should be able to come up with at least 5 that aren't already listed in this project. The loan, gas mileage and insurance are already mentioned.)

16. Is the car a reasonable option for you to purchase at this time? Why or why not?

Reference no: EM133266540

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