CAR WORK PROJECTALL ABOUT MY DREAM CAR!!Joe Student

MY COMPARISONSBeing Compared 2010 MERCURY

MILAN2010 SUBARU IMPREZA WRX

MSRP $21,860 $24,995INVOICE $20,224 $23,617

TRANSMISSION 6 SPEED MANUAL 5 SPEED MANUALENGINE 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 5INJURY &

COLLISION RATING5 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 $21,8602.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