Congratulations, you are ready to buy a new car! Now you have to figure out how you are going to pay for it. o You know from a previously created budget that you can afford to spend between $350- $450 a month. o You have $25000 in your savings account, but you don’t want to spend the whole thing. You need to save something for a rainy day. o You have good credit and can get a loan. The rate is 4.25% There are two steps to this project: 

1. You need to do some research on cars. You are looking at a Lexus, a Ford and the used car of your choice. Look at two or three different dealers online, identify the model of each brand you’d like— are they all SUVs, sedans, hybrids? You decide. This is your first sheet. It should contain make, model, a photo, and the price. Your first sheet should have a design that you carry through the project. 

2. Design a What-If Analysis that looks at each type of car. You only have one variable—your down payment. What would you have to put down to own each car? Based on this, decide which car you are going to buy, make sure you note it at the bottom of this sheet. This is your second sheet. 

3. Create a loan amortization table to track all of your payments, breaking down payment, interest, cumulative payment and cumulative interest. This is your third sheet.

Answer rating: 100% (QA)

Step 1 For this step you would need to research and gather information on the Lexus Ford an... View the full answer