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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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