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The Price Is Right?
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Name:
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Fill
in the following information about the 2 cars you have chosen from the car
sites:
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Part
1 (1 point per question, 12 pts total)
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First
Car Choice
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Second
Car Choice
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New/Used:
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Write
in new or used
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Year:
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Write
in the year it was made
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Make:
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Who
made it (Ford, Chrysler, Chevrolet, Toyota etc.)
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Model:
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Specific
car (F-150, PT Cruiser, Camaro, Celica)
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Miles:
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miles
listed or Number of years old it is multiplied by 10,000
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Web Site
Where found:
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Yahoo
auto, Dorsch Ford, etc.
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Part
2 (2
points per question, 16 pts total)
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Price:
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$10,000
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Price with 5% tax:
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X
1.05 = $10,500
(multiply by 1.05 because 1 gives you the previous total back (price) and
.05 gives you the 5% tax)
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10% Down Payment:
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X
0.10 = $1050.0
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Loan
amount after down payment:
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Price
w/tax – down payment (DP)=
$10,500
- $1050 = $9450
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Fill
in the following information about the 2 cars you have chosen, using the Yahoo!
Auto Loan Calculator site:
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Part
3
(1
points per question, 18 pts. total) You need to calculate the monthly
payments and total cost for all cars.
You only need to calculate money saved if the monthly payment was
$350 or under.
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First Car Choice
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Monthly
Payments
(MP)
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Total
Cost At The End Of The Loan
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Total
Money Saved
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3 years at 8%
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$296
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MP
x # of months + DP=
$296 x 36 + 1050 =
$11,706
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$350
– MP x # of months
+$350
x # of months remaining of the 5 years (60 months)=
$(350 – 296) x 36 = 1944
+$350 x 24 = 8400
8400 + 1944 =
$10344
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4 years at 8.5%
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$233
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$233 x 48 + 1050 =
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$(350 – 233) x 48 = ?
+$350 x 12 = ?
? + ? =
$
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5 years at 9%
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$196
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$196 x 60 + 1050 =
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$(350 – 196) x 60 = ?
+$350 x 0 = ?
? + ? =
$
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You
and your partner will be expected to agree on one car to purchase.
These questions should help lead you to your decision and prepare you for your
presentation. You only need to do
this sheet once and work together on it.
Part
1. (2
points per question)
Answer the following questions in complete sentences and to the best
of your ability.
1.
Which type of loan (3, 4, or 5 year) gives you the lowest monthly payment?
Explain
Look at
your monthly payments
2.
In which type of loan (3, 4, or 5 year) did you end up paying the most interest?
Explain
Look at
your total cost at the end of the loan, which one cost the most?
Any cost above the price of the car with tax is the interest.
3.
Why might the amount of miles on the car at the beginning of the loan be
important to you?
Think of
how a high number of miles will effect the car and consider taking out a 5-year
loan on a car with 150,000 miles.
4.
What was more important to you: The type of car, or amount of money you saved?
Explain
Your opinion and why?
5.
Did you find that any of the cars you looked at were out of your price
range? Explain.
Yes/no, what kind of price and car was out of your range?
Part 2. (14 points total)
What is expected in your PowerPoint
There are samples under the shared
folder if you would like to view them.
There should be a minimum
of 6 slides for an individual, and 8 slides for a pair.
- Cover
Slide with a title and a subtitle.
- Introductory
slide that tells the viewer about the project, its purpose, and what you
learned.
- Different types of loans and how they effect your decision.
- Working with a budget.
- Interest rates.
- Making a decision on a car.
- Taxes and down payments.
- Makes, models, years, mileage, etc.
- Slide for each car
- Year - Make - Model
- Miles on the car
- Price
- Why did you choose each car in the first place?
Do not list positives if you do not know what they are (ex. aluminum alloy
wheels if you do not know what that means or why it is a benefit, or it has
a 350 engine if you do not know what that means or how it is a benefit.)
- Try to list four positives for
each car (mileage if low, cost, style (convertible), passenger room, gas
mileage, features (leather interior, etc., 4-wheel drive, anti-lock brakes),
engine size, towing capability, etc.
- Add a slide with a graph of the car
choices. (Compare
prices, gas mileage, loan costs, savings comparison, or anything that can be
compared using numbers.)
- Conclusion, or final car choice and why?
- What
advantages did your final car have over the others?
- What
payment plan did you go with and why?
- How
much money did you end up with in savings?
Go to Car Quest Home
Page
Go to Process Page
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