Project Car Shopping
In
this exercise, you will use the Internet to find the price of a car you would
like to purchase, examine current interest rates, compute the cost of a car loan
for the different rates. How much will your car really cost?
How much can you save by shopping around for the best rate? How much can
you save if you pay off your car in less time.
Car Price
- Research Cars
Choose the car you would like to buy and
write down the given price:
(In most cases you can buy a car for
less than the list price but for this project use the list price.)
| Name of Car | List Price |
Cost of a Loan
Find the rates in your area. Loan Rates Enter the rates in the table below:
Use the Loan
Payment Calculator to get the monthly and yearly totals for your car loan.
Compute the monthly and total costs to borrow enough money to pay for your car.
Use 6% tax rate.
Fill in the table above as you go.
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Lowest: |
Average: |
Highest: |
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Rate (%) |
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Monthly |
Total |
Monthly |
Total |
Monthly |
Total |
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36 months |
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48 Months |
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60 Months |
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FileàSave As..àCar Payments
Set orientation to landscape. FileàPage setupà Paper SizeàLandscape
Format A6-D10 and A16-D20 for $, 0 decimal places
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A |
B |
C |
D |
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1
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Car type & Model |
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2
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Price |
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3
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Monthly Payments |
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4
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Lowest |
Average |
Highest |
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5
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% |
% |
% |
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6
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36 Months |
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7
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48 Months |
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8
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60 Months |
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9
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10
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Difference High to Low |
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11
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12
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13
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14
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Total Costs |
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15
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$ |
$ |
$ |
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16
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36 Months |
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17
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48 Months |
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18
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60 Months |
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19
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20
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Difference
High to Low |
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