$1$:$32$

Messages

MATH $115$ Quantitative Reasoning

Name

Finance Project

Please refer to your syllabus and Canvas for due dates and time. Complete your assignment as directed below and then upload your completed work for online classes and hand in hard copies for in$-$person classes.

Make sure you put the following information in the document title:

$[$Your first and last name, MATH$115,$ Finance Project$]$

Part $1$:

You have decided to purchase a new car!! You and the salesman have agreed on a price of $$40,000.$ They have agreed to give you $$5,000$ for your current car as a trade$-$in$.$ You have saved an additional $$3,000$ to add as a down payment. You plan to finance the car for $6$ years. You are able to get an auto loan at $1\mathrm{.}99\%$ APR.

How much will you pay each month? Keep in mind that your trade$-$in and your down payment reduce your loan amount.

How much total will you end up paying for the car? $($Remember that the down payment and the trade$-$in were both YOUR money.$)$

Create an amortization table for all $6$ years of your loan. In Excel, you can create the first $2$ lines and then just drag the cells down. For assistance, check out the Excel video in Canvas.