Presentation on theme: "CAR WORK PROJECT ALL ABOUT MY DREAM CAR!! Joe Student."— Presentation transcript:
CAR WORK PROJECT ALL ABOUT MY DREAM CAR!! Joe Student
M Y C OMPARISONS Being Compared2010 MERCURY MILAN 2010 SUBARU IMPREZA WRX MSRP$21,860$24,995 INVOICE$20,224$23,617 TRANSMISSION6 SPEED MANUAL5 SPEED MANUAL ENGINE2.5L 14/ 175 HP2.5L H4/265 HP GAS MILEAGE22 MPG CITY/ 29 MPG HWY 18 MPG CITY/ 25 MPG HWY WARRANTY36,000 MILES/ 36 MONTHS GREEN RATING75 INJURY & COLLISION RATING 5 STAR4 STAR THEFT RATING63%89%
2010 M ERCURY M ILAN 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 its better for the environment. I added seat covers, floor mats, and an organizer to my car.
T HIS IS A PICTURE OF MY DREAM CAR !!! THIS IS THE 2010 MERCURY MILAN!!
I TEMS 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
C ALCULATING MY INTEREST & MONTHLY P AYMENTS … 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
C ALCULATING 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)^-60 P=175.27227/1-(1.0073)^-60 P=175.27227/1-0.64635 P=175.27227/0.35365 P=$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!