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Time to Buy a Car Web Quest?When you are finished with this project you will be able to answer the following questions:What are the factors that must be considered in making a large purchase???(What are the things I need to know about before I buy a high-priced item?)?? ? ? ? ? ? ? ?What are the advantages or disadvantages of taking out a short-term or long-term loan???(In my situation, what is the best loan for me?)When thinking about math, how do we use percents and decimals in our daily lives?? (How can I use math skills to improve my life?)Here's the deal. You are making $5,000 per month in your new job and?you are ready to buy your first new car! You don't want to pay for the car all at once, you want to take out a loan and make monthly payments. Shop for a new car online. Shop for the best loan. Take a look at your monthly budget and see what you can afford.?Choose your car and sign the "contract". Take the challenge!?Why? Because you will be ahead of the game compared to other?kids?in knowing how to manage a budget, deal with a bank, and?buy a new car! You'll also practice your web navigation skills. Of course this is just for practice and for fun! You'll have to wait a few years, work hard, get a good-paying job, and then it will?all be real. Untill then...Good luck!Task?1)?Complete the monthly budget sheet.?Figure out your monthly expenditures. That's a fancy way of saying figure out how much you'll be paying for all your monthly bills. For this you can use a calculator, or just use your noggin. ?Remember, you're making $5,000 per month. With a partner or small group of others, calculate the percentages for each monthly expenditure (rent/house payment, food, clothes, etc.). List them on the?"monthly expenses" table on your budget sheet.?Use your calculator.2)?This will prepare you for the next steps in the process.?Your overall task will be to find?the car you want at an online auto-dealership,?use a special "loan calculator" to determine the type of loan you'll need to?purchase?car of your choice.?If it costs too much, you may have to choose a different car, or change the way you use your monthly budget. Sound like a lot of work? Don't worry, you can do this. One step at a time!Process?Here's the fun part! Follow the steps below. You're welcome to check out the?slide show (tutorial)?for?a detailed look at each step in the process. You can return to this page from the slides at any time. Enjoy your journey! ??1)?Complete Montly Budget Worksheet?(which you may have already done). This way you will know how much you can afford to pay each month. You will also learn about loans. When you take out a loan to buy a car, it is called an auto-loan. Other kinds of loans are personal loans and home loans.?The slide show will teach?you about?types of auto loans available: 3-year, 5-year, and 6-year loans.?This will be something to think about before you visit the new car website.2)?Shop for your new car-?visit the Roseville Automall website for a huge selection of new cars from all kinds of dealers: BMW, Honda, Ford, Toyota, and more. Click on this link:?Roseville Automall?when you're ready. (Again, feel free to check out the slide show for details on how to navigate the website.) Choose a car.?In most cases, the shopper can negotiate with the sales manager to get a lower price than the price listed on the vehicle (the "sticker price"). This process of negotiation is sometimes called "haggling". Subtract 5% from the listed "sticker price" because you are a good negotiator. Click?here?for a calculator.3)?Shop online for a loan.?Complete the?Auto Loan Worksheets. Learn?about interest rates!?Learn how to use a special calculator to determine what your monthly payments will be! Choose which loan is best for you: a 3-year, a 5-year, or a 6-year loan. It's easier than you might think. In a minute you're going to click on this link: ?. It will take you to an online bank loan calculator page. Click on "Simple Loan Calculator" toward bottom of the page. Then select "Auto Loan". Use the calculator?to complete the loan table on your worksheet. Don't worry...you won't be really taking out a loan. You'll just be comparing different loans. You will find a) your monthly payments, b) monthly interest, and c) total interest paid on the loan. Don't forget to answer all questions on the worksheet.?Important Note:?on your worksheet enter the following interest rates: 1) for a 3-year loan, put in 5% interest. 2) for a 5-year loan, put in 6% interest. 3) for a 6-year loan, put in 7% interest.?Complete your table and answer all questions.?4)?Analyze.?Learn how to make good decisions with money.?Take in relevant information and make?a "calculated" decision.?Think. Review the questions on your monthly budget and your loan worksheets. Should you buy this car? Can you afford it? Would you have to make changes to your monthly budget? If you had to change?your spending habits, what?would you change? The amount you spend on food, entertainment, or clothes??Should you shop for a less?expensive car? Or?you have enough money to buy something more fancy??(Optional: click on resource #2 below and fill out the diagram to help you make these decisions.)Oh yes, and then there is the?Kelly Blue Book?website. You can "look up"?the vehicle at this site to see?how much?the car is actually worth. Is the dealer asking too much? Is it a good deal? Another strategy is to find a different dealership website and check the price on the same car.?These are just options.You're ready to move on!!!EvaluationUsing the Evaluation Rubric on the next page, evaluate yourself on this task. You may award between 1 and 4 points per task.Monthly Budget Worksheet _______ pointsProcess – Steps 2 & 3 _______ points Analyzing and Choosing – Step 4 _______ pointsNet Navigation & Cooperation _______ pointsDr. McGuire will complete an evaluation rubric on your class performance for this task as well. ?Evaluation Rubric? 1 2 3 4ScoreMonthly Budget WorksheetFilled out table with 50% accuracy or less.Filled out table with at least 75% accuracyFilled out table with at least 80% accuracy.Filled out table with 100% accuracy and made adjustments to budget, if necessary.pointsProcess- Steps 2 and 3Took all steps of process with at least 75% accuracy.Took all steps of process. Answered worksheet questions with at least 80% accuracyTook all steps and answered questions with at least 90% pleted process and answered essential questions with 100% accuracy, and originality. pointsAnalysing and Choosing Step 4.Worksheets are accurately filled out. Web navigation was completed.Worksheets are accurate with explanation of trends in interest and web navigation was completedWorksheets are accurate with clear explanation of trends and analysis in comparing loans. Web navigation complete.Worksheets accurate, clear explanation of trends and analysis in comparing loans with detailed analysis of any budget changes and critical decision making pointsNet navigation and cooperationCompleted navigationCompleted navigation and gathered information to be applied, filled out worksheetsCompleted navigation, gathered, analyzed and applied information, including Kelly Blue Book as a tool. Demonstrated some cooperation with peersCompleted navigation, gathered analyzed, applied information to make most informed decision, included use of Kelly Blue Book. Demonstrated support and cooperation with peers.pointsTotal Score: _______ points ................
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