Name________________________
Name: XXXXXXXXXXXXXXXXXXXXXXXX
Part I— You have been putting 10% of every paycheck into your emergency savings account, and you have also been able to saving $2,000 for a down payment on a vehicle.
Use the Internet to locate a vehicle that you BELIEVE will fit your monthly spending plan.
( is an easy-to-use site because you can type in the value you BELIEVE you can afford,
but you can also use any other site, like Kenosha News or CraigsList, etc.)
|Car Year/Make/Model | |
|Place of Purchase | |
|Additional Vehicle Features Given (ex: doors, | |
|transmission, air, etc.) | |
|Negotiated Price of the vehicle | |
|Add WI sales tax of 5.5% | |
|Add Title and License Fees |$145 (average) |
|Subtract $2,000 down payment | |
|Amount of Financing needed | |
Part II—Find an auto loan rate from 2 different financial institutions.
**The APRs MUST be different
|Name of Financial Institution |Loan Term |Annual Percentage Rate |
| |Years |Months | |
|1 | | | | |
|2 | | | | |
Part III - Calculate the cost of your auto loan
(chart on back of this page)
Directions: Use the financial calculator at . **Be sure you use the Auto Loan Calculator to determine a monthly payment.
What will my Auto Loan actually cost me?
Financial Institution #1
|Financed Amount |Interest Rate |Auto Loan Term offered |Monthly |Total Interest Paid |Last Payment Month/Year |
| |offered | |Payments |(click on amortization button) | |
|$ | | |$ |$ | |
| |Recalculate your amortization schedule if you pay an additional $15 per|$ |$ | |
| |month | | | |
| |Remove that $25 additional payment. |$ |$ | |
| |Recalculate your amortization schedule if you pay $100 extra | | | |
Financial Institution #2
|Financed Amount |Interest Rate |Auto Loan Term offered |Monthly |Total Interest Paid |Last Payment Month/Year |
| |offered | |Payments |(click on amortization button) | |
|$ | | |$ |$ | |
| |Recalculate your amortization schedule if you pay an additional $15 per|$ |$ | |
| |month | | | |
| |Remove that $25 additional payment. |$ |$ | |
| |Recalculate your amortization schedule if you pay $100 extra | | | |
Summarize the effects of additional payments on your loan:
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