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Fall 2009

Student:

Class: Algebra 1

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Car 1 Picture

Page 1

Car 1 Picture Paste Here

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Car 2 picture

Page 2

Car 2 Picture Paste Here

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Student Summary

Page 3

Car Purchase Summary

CAR 1 CAR 2

CAR MODEL

BASE PRICEOptions

Anti-theft device

Automatic windows

CD player

Air bags:driver, side

Special wheels

Other options

Dealer fees

TOTAL CAR COST

INSURANCE COST for 3 years

Car Registration for 3 years

FINANCING COST for 3 years

Maintenance Cost for 3 years

Fuel Cost for 3 years

TOTAL to Purchase and Operate Car

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Car 1 Payment Formula

Payment = P*(I/12) / (1-(1+I/12)^(-n))

Car 1 Payment is:

$-

Car 2 Payment Formula

Payment = P*(I/12) / (1-(1+I/12)^(-n))

C 2 P t i

Loan Payment CalculationsChoose your interest rate: Annual Interest RateCars less than $15,000 6.5%Cars $15,000 < x < 25,000 7.1%Cars $25,000 < x < 55,000 7.8%Cars $55,000 8.2%

Payment = P*(I/12) / (1-(1+I/12)^(-n))

Where P is the principal loan amount, I is the APR interest rate, and n is thenumber of periods (payments).

P principal amount is the price you pay for the car.I interest rate must be expressed as a DECIMAL, i.e. 5.5% =0.055

n is the total number of monthly payments; use 36.

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Car 1 Loan Amortization

Page 5

Car 1 Loan Amortization Car Name

Interest rate per year Interest rate per month

Year Month Payment Beginning Balance

2009 October 1 Total Car Loan Amount

November 2 23235

December 3

2010 January 4

February 5

March 6

April 7

May 8

Jun 9

Jul 10

Aug 11

Sep 12

Oct 13

Nov 14

Payment (stays the same eachmonth)

Interest (Beginning Balance xthe interest rate per month)

Principal Paid (Loanpayment interest

paid)

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Car 1 Loan Amortization

Page 6

Dec 15

2011 Jan 16

Feb 17

Mar 18

Apr 19

May 20

Jun 21

Jul 22

Aug 23

Sep 24

Oct 25

Nov 26

Dec 27

2012 Jan 28

Feb 29

Mar 30

Apr 31

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Car 1 Loan Amortization

Page 7

May 32

Jun 33

Jul 34

Aug 35

END Sep 36

Total Financing Cost

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Car 2 Loan Amortization

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Car 2 Loan Amortization Car Name

Interest rate per year Interest rate per month

Year Month Payment Beginning Balance

2009 October 1 Total Car Loan Amount

November 2

December 3

2010 January 4

February 5

March 6

April 7

May 8

Jun 9

Jul 10

Aug 11

Sep 12

Oct 13

Nov 14

Payment (stays the same eachmonth)

Interest (Beginning Balance xthe interest rate per month)

Principal Paid (Loanpayment interest

paid)

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Car 2 Loan Amortization

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Dec 15

2011 Jan 16

Feb 17

Mar 18

Apr 19

May 20

Jun 21

Jul 22

Aug 23

Sep 24

Oct 25

Nov 26

Dec 27

2012 Jan 28

Feb 29

Mar 30

Apr 31

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Car 2 Loan Amortization

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May 32

Jun 33

Jul 34

Aug 35

END Sep 36

Total Financing Cost

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Insurance, Maint, Registration,

1.) Car Tags Registration. Get cost by going to this website.

http://www.shelbycountytn.gov/FirstPortal/dotShowDoc/Government/ElectedOfficials/mvd.htm

Car Tags Cost cost per year

2.) Insurance quote

http://www.progressive.com/

Note do NOT use any of your personal information!

DO NOT give out your SSN

Use the following when asked: email melrosemath@hotmail.com

Birth date 05/21/93

Insurance cost/month Car 1 Car 2

3.) Gasoline cost per year example

miles driven per year 15000

cost per gal 2.25 2.25 2.25

miles per gal 26

total cost $1,298.08

Maintenance

Oil change 4 times per year cost for oil change

Cost for 4 per year

Maintenance Factor Miles driven per year x Maintenance factor

Other Maintenance Year 1 0.0125

Year 2 0.0150

Year 3 0.0175

TOTAL Maintenance for 3 years (Oil+other maint)