FIGURE OUT THE FOLLOWING PROBLEMS FOR NEW VEHICLES
HOW TO FIND A WORKABLE DOCUMENT... A WORD DOCUMENT ? STUDENT SHARED ? CONSUMER ECON ? AUTO ? CALCULATING AUTO LOAN COPY FOR STUDENTS
FIGURE OUT THE FOLLOWING PROBLEMS FOR YOUR VEHICLES:
FAIR Interest rates for the following loan lengths are at a "
" credit rating...
24 month loan
Choice #1- High Choice #2 - Low
Interest rate
Monthly payments
Total Interest Paid Total Cost
36 month loan
Interest rate Monthly payments Total Interest Paid Total Cost
48 month loan
Interest rate
Choice #1- High Choice #2 - Low Choice #1- High Choice #2 - Low
Using your LOWEST INTEREST RATE... Roughly how much would your monthly payments INCREASE for each $1,000 ADDED to your loan? 2 Year Loan = $__________
3 Year Loan = $__________
4 Year Loan = $__________
5 Year Loan = $__________
Monthly payments Total Interest Paid Total Cost
6 Year Loan = $__________
60 month loan
Interest rate Monthly payments Total Interest Paid Total Cost
Choice #1- High Choice #2 - Low
72 month loan
Interest rate
Choice #1- High Choice #2 - Low
Monthly payments
Total Interest Paid
Total Cost
Calculate the MONTHLY AND the TOTAL COST of BOTH VEHICLES for EACH of the loan lengths above (use calculator for this portion).
Which loan length are you going to choose for your budget and why?
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