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Name _______________________________ Block ________ Date ________Your Car PurchaseFirst look at this interesting CBC news story: : What happened to the couple? Write a brief description here: __________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________Note: Car loans are being offered with longer pay-back times (amortization periods). This may lead people to think that they are getting a great deal with a lower payment per month. However, over the long term they are paying a lot more in interest.Cars depreciate rapidly in value. If you’re in a longer-term loan, you might find yourself at a point in which the loan you have is worth more than the value of the car (oh my!!!).Okay, now time to purchase a car. If you want to save and pay full cash upon purchase – good for you!!! But for this exercise, we will look at a loan. Here is a link to a car loan calculator: And a simplified loan calculator that will let you put in a smaller amount for the price of your car loan: you are calculating a car loan the interest rate will depend on the length of the loan as well as your personal finances. For this you can set your interest rate at 7.5%. You may be able to get a loan that is much lower than this rate, but some are higher as well. We’ll go with this and at a 4 or 5 year term. You choose.If you are going to purchase a used car – check out the ads on Kijiji: ................
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