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CAR WORK PROJECT ALL ABOUT MY DREAM CAR!! Joe Student.

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Presentation on theme: "CAR WORK PROJECT ALL ABOUT MY DREAM CAR!! Joe Student."— Presentation transcript:

1 CAR WORK PROJECT ALL ABOUT MY DREAM CAR!! Joe Student

2 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%

3 2010 M ERCURY M ILAN My cars base price is $21,860 I would pay $ interest for 5 years I would be paying $ 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.

4 T HIS IS A PICTURE OF MY DREAM CAR !!! THIS IS THE 2010 MERCURY MILAN!!

5 I TEMS I WOULD LOVE IN MY CAR ! $ 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

6 C ALCULATING MY INTEREST & MONTHLY P AYMENTS … 1. What is the MSRP$21,860 2.What is the total cost for your additional items? $ Add lines 1 and 2 together. This is your total cost of your car. $21, Find the tax on the total cost of the car. Use tax as 9.5 % x 21,926.85= $ Add lines 3 and 4 together. This is your loan amount. (A) $21, $ = A=$24, 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= Your length will be 5 years long. Calculate the number of months this will be. This is your N. N=5x12=60

7 C ALCULATING MY INTEREST & MONTHLY PAYMENT CONT … 8. Use the formula to find your monthly payment. This is P. SHOW YOUR WORK!! P= x0.0073/1-( )^-60 P= /1-(1.0073)^-60 P= / P= / P=$ Multiply the value you found in line 8 by 60 to get the total amount you paid for the vehicle including interest. $495.61x60=$ I paid $ for my car including interest. Subtract line 5 from line 9 to show how much you paid was in interest. $ = $ I paid $ for my interest!

8 T HIS IS THE 2010 S UBARU I MPREZA WRX


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