1. Choose a new car to buy. It can be a realistic purchase or your dream car. Figure out the costs of buying this car by filling in the blanks below. You can pay a 10 percent down payment, and your credit history is good enough to get a five-year loan with an interest rate of 5 percent.
Make/Model:
Manufacturers suggested retail price (MSRP):
Cost of options (if applicable):
Sales tax of 9 percent (the MSRP, plus any options, multiplied by 0.09):
Total cost (the MSRP, options costs, and sales tax added together):
10 percent down payment (total cost multiplied by 0.1):
Amount needed to borrow (total cost minus the down payment):
Estimated total interest paid (amount borrowed multiplied by 0.05, or 5 percent, per year for five years):
Actual cost of the car (total cost plus the total interest paid):
2. Now find a used car to buy, and figure out the costs of buying this car by filling in the blanks below. You don't have enough money for a down payment, and your credit history is so new that you have to get a five-year loan with an interest rate of 10 percent to make the purchase.
Make/Model:
Asking price:
Sales tax of 9 percent:
Total cost:
Estimated total interest paid (amount borrowed multiplied by 0.1, or 10 percent, per year for five years):
Actual cost of the car (total cost plus the total interest paid):
3. If you were going to buy one of these two cars tomorrow, which car would you choose, and why?
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1. Choose a new car to buy. It can be a realistic purchase or your dream car. Figure out the costs o...
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