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% down payment, and your credit history is good enough to get a five-year loan with an interest rate of 5%.
Make/Model:
MSRP:
Cost of options:
Sales tax:
Total cost:
10% down payment:
Amount needed to borrow:
Monthly payment:
Total interest paid:
Total payments:
Make/Model:
MSRP:
Cost of options:
Sales tax:
Total cost:
10% down payment:
Amount needed to borrow:
Monthly payment:
Total interest paid:
Total payments:
-
Make/Model:
Ford E-Series Wagon Van
MSRP:
$28,760
Cost of options:
$5,560
Sales tax:
$2230.80 (this is based on 6.5% interest)
Total cost:
$36550.80
10% down payment:
$3655.08
Amount needed to borrow:
$32895.72
Monthly payment:
$665.62
Total interest paid:
$4,665.51
Total payments:
60 payments totalling $39,937.03
Ford E-Series Wagon Van
MSRP:
$28,760
Cost of options:
$5,560
Sales tax:
$2230.80 (this is based on 6.5% interest)
Total cost:
$36550.80
10% down payment:
$3655.08
Amount needed to borrow:
$32895.72
Monthly payment:
$665.62
Total interest paid:
$4,665.51
Total payments:
60 payments totalling $39,937.03