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Buying a CarToday we will work with car prices, payments and interest rates. You will complete all 3 scenarios with a car of your choice. Open an Excel worksheet to handle the formula for each scenario.You will research the following options and use financial formula in Excel 42125905778500Scenario 1 (label each ‘table’ of info by Scenario #) This is your first carFind a car you like that is under $18,000. You have no Down Payment and cannot afford more than $300/monthFind out if you need mom/dad to cosign for you because your interest rate might be too high by yourself. What is the Interest rate you can afford according to the Goal Set before you ask?Scenario 25318622289900You have a 2002 Ford Explorer with 120,000 miles to trade in, fair condition.Use to find its trade in value (subtract the value from the car price within the formula of that cell)You are able to spend $400/month on the new carYour credit history will place you at an interest rate of 6.3% over 60 monthsFind a new car and its price since you know all the other details.Scenario 3463503022089700Your old car died and it is worthless. But the good news is you managed to save up $7500 for a down payment.Find your dream car and its priceYour interest rate will be 4%Finance the car over 60 monthsHow much are your payments per month?What if you financed over only 4 years? Add a cell that represents thatYou should be left with 3 unique Excel tables, PMT formulas applied, questions answered. Add photos and enhancement features as seen fit. Example Below:Scenario 1MakeHondaModelCivicYear2014(insert an apostrophe ' to make the year stay left, as a label, not a value)Principal Value18000Terms of Loan60Interest Rate?Monthly Payment?Use the formula for payment firstUse the formula for "what if" "goal seek" secondly ................
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