CAR WORK PROJECT ALL ABOUT MY DREAM CAR!! Joe Student.
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Transcript of CAR WORK PROJECT ALL ABOUT MY DREAM CAR!! Joe Student.
CAR WORK PROJECTALL ABOUT MY DREAM CAR!!
Joe Student
MY COMPARISONSBeing Compared 2010 MERCURY
MILAN2010 SUBARU IMPREZA WRX
MSRP $21,860 $24,995
INVOICE $20,224 $23,617
TRANSMISSION 6 SPEED MANUAL 5 SPEED MANUAL
ENGINE 2.5L 14/ 175 HP 2.5L H4/265 HP
GAS MILEAGE 22 MPG CITY/ 29 MPG HWY
18 MPG CITY/ 25 MPG HWY
WARRANTY 36,000 MILES/ 36 MONTHS
36,000 MILES/ 36 MONTHS
GREEN RATING 7 5
INJURY & COLLISION RATING
5 STAR 4 STAR
THEFT RATING 63% 89%
2010 MERCURY MILAN My cars base price is $21,860 I would pay $5726.70 interest for 5 years I would be paying $495.61 a month for this car. I picked this car because…. It cost less than the other car that I chose. The miles per gallon on this car are a lot better. The injury & collision ratings are better. The transmission speed is higher. The green rating is better, which means it’s better
for the environment. I added seat covers, floor mats, and an organizer
to my car.
THIS IS A PICTURE OF MY DREAM CAR!!!
THIS IS THE 2010 MERCURY MILAN!!
ITEMS I WOULD LOVE IN MY CAR! $ 24.95-Tinker
Bell Seat Cover at cardecor.com
$ 8.95-Car Organizer at cardecor.com
$32.95-Tinker Bell Floor Mats at cardecor.com
$24.95$ 8.95$32.95$66.85
CALCULATING MY INTEREST & MONTHLY PAYMENTS…1. What is the MSRP $21,860
2.What is the total cost for your additional items?
$66.85
3.Add lines 1 and 2 together. This is your total cost of your car.
$21,926.85
4. Find the tax on the total cost of the car. Use tax as 9.5 %
0.095 x 21,926.85= $2083.05
5. Add lines 3 and 4 together. This is your loan amount. (A)
$21,926.85+$2083.05=A=$24,009.90
6. You will finance the car at an annual rate of 8.8%. Divide this number by 12 to get the monthly rate. This is (m)
M=0.088/ 12= 0.007333333
7. Your length will be 5 years long. Calculate the number of months this will be. This is your N.
N=5x12=60
CALCULATING MY INTEREST & MONTHLY PAYMENT CONT…
8. Use the formula to find your monthly payment. This is P. SHOW YOUR WORK!!
P=24009.90x0.0073/1-(1+0.0073)^-60P=175.27227/1-(1.0073)^-60P=175.27227/1-0.64635P=175.27227/0.35365P=$495.61
Multiply the value you found in line 8 by 60 to get the total amount you paid for the vehicle including interest.
$495.61x60=$29736.60
I paid $29736.60 for my car including interest.
Subtract line 5 from line 9 to show how much you paid was in interest.
$29736.60-24009.90= $5726.70
I paid $5726.70 for my interest!
THIS IS THE 2010 SUBARU IMPREZA WRX