AUTO LOAN PLAN

1. I will pick the new Jeep Wrangler 2020 vs used Jeep Wrangler 2017. Please use this number for the assignment. Thanks.

The attachment;

New:

Used:

Using the average interest rates for new and used cars:

https://www.valuepenguin.com/auto-loans/average-auto-loan-interest-rates

2. Calculate your monthly payments for both New and Used cars of your choice, with the appropriate interest rate from the image above, with 12 payment periods per year and loan terms (y = 3, 4, 5, 6 years).

a. Complete the tables below:

b. Which of the monthly payments from part 2a fit with your budget (see the picture below)? Explain.

Jeep CHRYSLER DODGE DARCARS JEEP RAM OF AUTOMOTIVE GROUP MARLOW HEIGHTS NEW USED RESEARCH SPECIALS WORK TRUCKS SERVICE & PARTS FINANCE ABOUT US GET PRICE DROP ALERT VIN: 1C4GJXAGBLW288559 Model Code: JLJL72 2020 Jeep WRANGLER SPORT 4X4 CONFIRM AVAILABILITY Show Window Sticker MSRP- $36,515 CITY/HWY 18/23 MPG Eligible Benefits $ GET YOUR DARCARS PRICE BODY STYLE Sport Utility *Please Note: We turn our inventory daily, please check with the dealer to confirm vehicle availability. EXT. COLOR Firecracker Red Clear-Coat Exterior Paint THIS VEHICLE IS IN TRANSIT FINANCING OPTIONS TRANSMISSION / DRIVE TYPE 8-Speed Automatic 850RE Transmission / 4x4 VALUE YOUR TRADE GET PRICE DROP ALERT VIN: 1C4BJWDGBHL652780 Stock #: N3917 Model Code: JKJM74 Mileage: 13,065 2017 Jeep Wrangler Unlimited Sport CONFIRM AVAILABILITY SELLING Price: $28,998 13 Vehicle Views BODY STYLE Convertible Vehicle Description EXT. COLOR / INT. COLOR Bright White Clearcoat/ Black $ GET YOUR DARCARS PRICE ENGINE 6 Cyl-3.6L *Please Note: We turn our inventory daily, please check with the dealer to confirm vehicle availability 9 TRANSMISSION / DRIVE TYPE Automatic / 4WD FINANCING OPTIONS VALUE YOUR TRADE You can find this 2017 Jeep Wrangler Unlimited Sport and many others like it at DARCARS Chrysler Jeep Dodge Ram Marlow Heights. This versatile SUV is perfect for families or contractors with its oversized cargo area, exceptional horsepower and option upgrades. With 4WD, you can take this 2017 Jeep Wrangler Unlimited Sport to places roads don't go. It's all about the adventure and getting the most enjoyment out of your new ride. It's not a misprint. And the odometer isnt broken. This is a very low mileage Jeep Wrangler Unlimited. A rare find these days. More information about the 2017 Jeep Wrangler Unlimited: With prices starting at a little under $23,000 with standard 4-wheel drive, the classic Wrangler is one of the best SUV values available. The 6-speed manual transmission helps the Wrangler achieve a decent 17 mpg city and 21 mpg highway rating. Jeep considers the Wrangler's off-road prowess integral to the brand and they continue to make one of the most capable 4- wheel drive vehicles available. Strengths of this model include Iconic styling, 2- and 4-door configurations available, and impressive off-road prowess TEXT US Visit our Store DARCARS Chrysler Dodge Jeep RAM of Marlow Heights 5060 Auth Way Camp Springs, MD 20746 Sales: 301-965-0737 Service: 301-893-4916 Parts: 301-882-1897 Loan Rates for New v. Used Cars New Used 4% 4.11% 4.18% 3.93% 3.98% 3.81% 3.71% 3.78% 3.65% Average Interest Rate 36 Month 48 Month 60 Month 72 Month ValuePenguin 3 Years 4 Years 5 Years 6 Years NEW Monthly Payment Total Cost | Interest 3 Years 4 Years 5 Years 6 Years USED Monthly Payment Total Cost Interest $113.33 Personal costs/Recreation Electronic device, Internet, party-going, gifts, etc. Debt Payments (required for Part #3: Loan plan) Investments/Savings required for Part 2: Savings plan $447,62 $223.81 Jeep CHRYSLER DODGE DARCARS JEEP RAM OF AUTOMOTIVE GROUP MARLOW HEIGHTS NEW USED RESEARCH SPECIALS WORK TRUCKS SERVICE & PARTS FINANCE ABOUT US GET PRICE DROP ALERT VIN: 1C4GJXAGBLW288559 Model Code: JLJL72 2020 Jeep WRANGLER SPORT 4X4 CONFIRM AVAILABILITY Show Window Sticker MSRP- $36,515 CITY/HWY 18/23 MPG Eligible Benefits $ GET YOUR DARCARS PRICE BODY STYLE Sport Utility *Please Note: We turn our inventory daily, please check with the dealer to confirm vehicle availability. EXT. COLOR Firecracker Red Clear-Coat Exterior Paint THIS VEHICLE IS IN TRANSIT FINANCING OPTIONS TRANSMISSION / DRIVE TYPE 8-Speed Automatic 850RE Transmission / 4x4 VALUE YOUR TRADE GET PRICE DROP ALERT VIN: 1C4BJWDGBHL652780 Stock #: N3917 Model Code: JKJM74 Mileage: 13,065 2017 Jeep Wrangler Unlimited Sport CONFIRM AVAILABILITY SELLING Price: $28,998 13 Vehicle Views BODY STYLE Convertible Vehicle Description EXT. COLOR / INT. COLOR Bright White Clearcoat/ Black $ GET YOUR DARCARS PRICE ENGINE 6 Cyl-3.6L *Please Note: We turn our inventory daily, please check with the dealer to confirm vehicle availability 9 TRANSMISSION / DRIVE TYPE Automatic / 4WD FINANCING OPTIONS VALUE YOUR TRADE You can find this 2017 Jeep Wrangler Unlimited Sport and many others like it at DARCARS Chrysler Jeep Dodge Ram Marlow Heights. This versatile SUV is perfect for families or contractors with its oversized cargo area, exceptional horsepower and option upgrades. With 4WD, you can take this 2017 Jeep Wrangler Unlimited Sport to places roads don't go. It's all about the adventure and getting the most enjoyment out of your new ride. It's not a misprint. And the odometer isnt broken. This is a very low mileage Jeep Wrangler Unlimited. A rare find these days. More information about the 2017 Jeep Wrangler Unlimited: With prices starting at a little under $23,000 with standard 4-wheel drive, the classic Wrangler is one of the best SUV values available. The 6-speed manual transmission helps the Wrangler achieve a decent 17 mpg city and 21 mpg highway rating. Jeep considers the Wrangler's off-road prowess integral to the brand and they continue to make one of the most capable 4- wheel drive vehicles available. Strengths of this model include Iconic styling, 2- and 4-door configurations available, and impressive off-road prowess TEXT US Visit our Store DARCARS Chrysler Dodge Jeep RAM of Marlow Heights 5060 Auth Way Camp Springs, MD 20746 Sales: 301-965-0737 Service: 301-893-4916 Parts: 301-882-1897 Loan Rates for New v. Used Cars New Used 4% 4.11% 4.18% 3.93% 3.98% 3.81% 3.71% 3.78% 3.65% Average Interest Rate 36 Month 48 Month 60 Month 72 Month ValuePenguin 3 Years 4 Years 5 Years 6 Years NEW Monthly Payment Total Cost | Interest 3 Years 4 Years 5 Years 6 Years USED Monthly Payment Total Cost Interest $113.33 Personal costs/Recreation Electronic device, Internet, party-going, gifts, etc. Debt Payments (required for Part #3: Loan plan) Investments/Savings required for Part 2: Savings plan $447,62 $223.81