In this project you will create a spreadsheet which keeps track of your monthly expenses resulting...

  

Transcribed Image Text:

In this project you will create a spreadsheet which keeps track of your monthly expenses resulting from the purchase of a new car. (The car does not have to be the latest model, just new to you.) You may find it helpful to review the payment function. Research the make and model of a car you would be interested in buying. This can be accomplished on-line, through "for sale" listings or by going to a dealership. Once you choose your car for purchase and arrive on a price, assume you will put 15% down in cash (which you already have in a savings account) and finance the rest. Compute the amount of money you will need to borrow. Indicate the make, model and year of the car you select to buy as well as the sale price, on your spreadsheet. (10 pts) 1. Create a spreadsheet to compute your monthly expenses associated with purchasing the car. You should include columns for the following: (10 pts.) • Car payment • Insurance • Personal Property Tax • Gas • Maintenance • Miscellaneous • Total Feel free to add any additional columns if you anticipate any additional expenses. 2. Assume you secured a loan for the balance of your car purchase (principal), from a bank for five years at 3.5% compute your monthly car payment in your spreadsheet. (10 pts.) 3. Rescarch insurance quotes that are appropriate for the year and model of your car, the coverage you want and your age and driving record. Calculate your monthly insurance payment from your insurance quote. Indicate the insurance company and the price quote on your spreadsheet. (8 pts.) 4. Go to your county's web and calculate the personal property tax you will pay annually for your car. Find the amount you would pay per month and indicate this amount on your spreadsheet. (8pts.) 5. Research the gas mileage expected for your new car. Then, based on your present day practices or future plans, estimate the number of miles you expect to drive each month. From a local gas station, find the price per gallon of gas. Calculate the amount of money you expect to spend on gas each month. Indicate the price per gallon of gas on your spreadsheet. 6. All cars need maintenance, even new cars. At minimum you will need to account for oil changes every 5000 miles and tire rotations every 3000-5000 miles. Estimate the number of oil changes and tire rotations you will need in a year from your estimated driving mileage. Then research the price of cach service. From your yearly total, calculate your monthly expense in your spreadsheet. Indicate the price for each service on your spreadsheet. (8 pts.) (8 pts.) 7. The miscellaneous column should include the amount of money you want to put away each month for personal property tax and unexpected maintenance (new headlight, windshield wiper etc. Research personal property tax expenses and estimate possible car repairs for the year. Add the totals (shown on the spreadsheet) and calculate the monthly expenses in your spreadsheet. (8 pts.) 8. Find the total all the columns in your spreadsheet. (5 pts.) 9. Create a pie chart comparing each individual category expense to the total expense of buying the car. Can you reduce any of these expenses? What can you possibly change to reduce your overall car expenses? You may include these answers in your reflection. (10 pts.) 10. Format all this nicely. Show all of your caleulations. (5 pts.) 11. Reflection (place in a text box at the bottom of your Excel file). Include what you learned from this project as related to your own world. Can you afford the car you selected? Do you need to shop around for a better loan? What else can you do to make it more affordable? (10 pts.) In this project you will create a spreadsheet which keeps track of your monthly expenses resulting from the purchase of a new car. (The car does not have to be the latest model, just new to you.) You may find it helpful to review the payment function. Research the make and model of a car you would be interested in buying. This can be accomplished on-line, through "for sale" listings or by going to a dealership. Once you choose your car for purchase and arrive on a price, assume you will put 15% down in cash (which you already have in a savings account) and finance the rest. Compute the amount of money you will need to borrow. Indicate the make, model and year of the car you select to buy as well as the sale price, on your spreadsheet. (10 pts) 1. Create a spreadsheet to compute your monthly expenses associated with purchasing the car. You should include columns for the following: (10 pts.) • Car payment • Insurance • Personal Property Tax • Gas • Maintenance • Miscellaneous • Total Feel free to add any additional columns if you anticipate any additional expenses. 2. Assume you secured a loan for the balance of your car purchase (principal), from a bank for five years at 3.5% compute your monthly car payment in your spreadsheet. (10 pts.) 3. Rescarch insurance quotes that are appropriate for the year and model of your car, the coverage you want and your age and driving record. Calculate your monthly insurance payment from your insurance quote. Indicate the insurance company and the price quote on your spreadsheet. (8 pts.) 4. Go to your county's web and calculate the personal property tax you will pay annually for your car. Find the amount you would pay per month and indicate this amount on your spreadsheet. (8pts.) 5. Research the gas mileage expected for your new car. Then, based on your present day practices or future plans, estimate the number of miles you expect to drive each month. From a local gas station, find the price per gallon of gas. Calculate the amount of money you expect to spend on gas each month. Indicate the price per gallon of gas on your spreadsheet. 6. All cars need maintenance, even new cars. At minimum you will need to account for oil changes every 5000 miles and tire rotations every 3000-5000 miles. Estimate the number of oil changes and tire rotations you will need in a year from your estimated driving mileage. Then research the price of cach service. From your yearly total, calculate your monthly expense in your spreadsheet. Indicate the price for each service on your spreadsheet. (8 pts.) (8 pts.) 7. The miscellaneous column should include the amount of money you want to put away each month for personal property tax and unexpected maintenance (new headlight, windshield wiper etc. Research personal property tax expenses and estimate possible car repairs for the year. Add the totals (shown on the spreadsheet) and calculate the monthly expenses in your spreadsheet. (8 pts.) 8. Find the total all the columns in your spreadsheet. (5 pts.) 9. Create a pie chart comparing each individual category expense to the total expense of buying the car. Can you reduce any of these expenses? What can you possibly change to reduce your overall car expenses? You may include these answers in your reflection. (10 pts.) 10. Format all this nicely. Show all of your caleulations. (5 pts.) 11. Reflection (place in a text box at the bottom of your Excel file). Include what you learned from this project as related to your own world. Can you afford the car you selected? Do you need to shop around for a better loan? What else can you do to make it more affordable? (10 pts.)

Answer rating: 100% (QA)

However I can provide you with guidance on how to approach these calculations and research Here are some steps you can follow 4 Visit your countys off... View the full answer