Car Loan Comparison
Mrs. Miñoso
In
this assignment you will research two New
cars to make an educated purchase. You
will pay for the car in either 36 or 60 monthly installments. The purpose of this assignment is to make a
loan comparison between two different types of cars.
Using Excel, create a spreadsheet with 4 worksheets.
q
Using the Internet, find 2 cars and their suggested
retail prices. The cars should be
different makes and models. (ex. Acura
Integra & VW Jetta)
q
Using the Loan Amortization Table that you created, fill
in the following values:
Sheet #1 – Car #1:
q
Principal – the
amount to be mortgaged (Suggested Retail Price of the car)
q
Interest – Use
8% and;
q
Term
- iis 36 months
Sheet #2 – Car #1
q
Principal – the
amount to be mortgaged (Suggested Retail Price of the car)
q
Interest – Use
8% and;
q
Term
- iis 60 months
(Repeat these steps for Car
#2)
Complete
the project as follows:
q
Create 2 worksheets for each car that you have selected
(one for 36 months and one for 60 months. Save As Car
Loan
q
Create a footer that will place your name on the bottom
right hand corner of each sheet.
q
Insert a picture of the actual car on each spreadsheet
(insert from the Internet)
q
Create a cover page in Microsoft Word that includes
appropriate graphics, a title, your name, class and date.
q
Create a memo directed to me, which compares and
contrasts the advantages of each of the loans.
Include in this memo your decision on which car you are willing to
purchase. Save As Car Loan Memo
q
Print (4 sheets and 1st sheet with formulas)
q
Staple all documentation in order (Cover page, Internet
or newspaper ads, Memo stating your decision, 4 worksheets depicting the
amortization tables, & 1 worksheet showing the formulas for sheet #1)