Mr. Izzo's Math Classes - Mt. Sinai High School
Loan Term?364860Loan Rate1.9%28.6021.6517.482.9%29.0422.0917.92You are ready to purchase a new 2021 Honda Accord. Apple Honda in Riverhead has agreed to sell you the Accord for $24,000 and is willing to offer you factory special financing: a 48 month loan at 1.9%Nardy Honda in Smithtown is only willing to sell you the car at $25,500, but they are not participating in the factory financing. You can get a loan from your personal bank which is currently offering 2.9% financing for 60 plete the following tables:Price:NY State Sales Tax (Multiply Price by .08625)Total Price of Vehicle (Add Line 1 and Line 2)Down PaymentAmount Financed (Subtract Line 3 - Line 4)Amount Financed Divided by 1000Monthly Payment per Thousand (Get from Chart above)Monthly Car Payment (Multiply Line 6 * Line 7)Amount of Payments (How Many Months)Amount Paid to Loan (Multiply Line 8 * Line 9)True Total Cost of Car (Add Line 4 and Line 10)Apple500Nardy500Answer the questions:Which dealer should you purchase from to get a loan with the lower monthly payment? Which dealer should you purchase from to have a lower true cost of the vehicle? ................
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