Personal Finance



HOW MUCH CAR CAN I AFFORD?Most Americans spend far more than they can afford on cars and trucks. Buying a car is one of life's biggest expenses, and it's a purchase where you have total control over how much you spend. Your mission is to calculate the maximum amount you can borrow to finance a car.Part I: Websites to use:Find a car you like to buy at ()Use the following calculator to compute the loan II: Compute the Following (5 points each calculation/70 total) Car #1:Car#2:Record Monthly net incomeMaximum car payment (20% of net)Cost of carDown payment on car (20%)Amount Financed (cost less down payment)Monthly car loan for 36 months and Total interest payment(assume 3% interest rate)Monthly car loan for 6o months and Total interest payment(assume 3% interest rate)Part III: Using the information above, chose one car and finance option. Update your monthly net budget to reflect the car loan. (10 points)Part IV: Explain your reasoning on the reverse side. (20 points) Problem Solving Rubric: Define a problem and work through a process to determine a solution, draw a conclusion, evaluate the reasonableness of a solution and/or have a better understanding of the problem.ExemplaryProficientDevelopingBeginningPlan & ImplementationI can create and carry out a plan to generate data/evidence to determine impact and next steps.Multiple approaches to solving the problem are considered and a comprehensive plan that addresses the problem and its relevant factors &concepts is developed.More than one approach to solving the problem is considered, and a coherent plan that addresses the problem and its relevant factors and concepts is developed.The plan is implemented completely, but some aspects may need to be improved to generate more accurate date or information.A plan is developed that addresses the problem but may not consider some relevant factors and concepts.Implementation of the plan is incomplete and/or generates inaccurate data/information.A plan may not be clearly developed, or it does not consider important aspects of the problem.There is minimal implementation of a plan.-13646761323What was the problem (challenge) and what was your thought process as you worked towards a solution?Critical Thinking Rubric: Analyze and evaluate ideas, claims, evidence and/or representations to construct meaning.ExemplaryProficientDevelopingBeginningReasoning/AnalysisI can use evidence to support my thinking.Provides a clear structure for the argument. Supports/justifies the thesis /claim with evidence and addresses any bias of the evidence.Uses evidence to make insightful connections to the claim.Provides a structure for the argument. Supports/justifies the thesis/claim with evidence. Explains evidence to make connections back to the claim.Provides structure for the argument that is somewhat unclear. Supports/justifies the thesis/claim with a little evidence. Attempts to explain evidence but connections back to the claim are weak.Attempts to provide a structure for the argument, but leaves parts undefined.Makes one attempt to support/justify the thesis/claim with evidence. Summarizes, but dos not explain evidence and/or does not make connections back to the claim. 23933743238What ideas, claims, and evidence did you use to support your thinking? ................
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