Transcript CAR WORK PROJECT - Thornton Township High Schools District 205

CAR
WORK
PROJECT
ALL ABOUT MY DREAM CAR!!
Joe Student
MY COMPARISONS
Being Compared
2010 MERCURY
MILAN
2010 SUBARU
IMPREZA WRX
MSRP
$21,860
$24,995
INVOICE
$20,224
$23,617
TRANSMISSION
6 SPEED MANUAL
5 SPEED MANUAL
ENGINE
2.5L 14/ 175 HP
2.5L H4/265 HP
GAS MILEAGE
22 MPG CITY/ 29
MPG HWY
18 MPG CITY/ 25
MPG HWY
WARRANTY
36,000 MILES/ 36
MONTHS
36,000 MILES/ 36
MONTHS
GREEN RATING
7
5
INJURY &
COLLISION
RATING
5 STAR
4 STAR
THEFT RATING
63%
89%
2010 MERCURY MILAN
My cars base price is $21,860
 I would pay $5726.70 interest for 5 years
 I would be paying $495.61 a month for this car.
 I picked this car because….
 It cost less than the other car that I chose.
 The miles per gallon on this car are a lot better.
 The injury & collision ratings are better.
 The transmission speed is higher.
 The green rating is better, which means it’s better for
the environment.
 I added seat covers, floor mats, and an organizer to
my car.

THIS IS A PICTURE OF MY DREAM CAR!!!

THIS IS THE 2010 MERCURY MILAN!!
ITEMS I WOULD LOVE IN MY CAR!



$ 24.95-Tinker
Bell Seat
Cover at
cardecor.com
$ 8.95-Car
Organizer at
cardecor.com
$32.95-Tinker
Bell Floor
Mats at
cardecor.com
$24.95
$ 8.95
$32.95
$66.85
CALCULATING MY INTEREST & MONTHLY PAYMENTS…
1. What is the MSRP
$21,860
2.What is the total cost for your
additional items?
$66.85
3.Add lines 1 and 2 together.
This is your total cost of your
car.
$21,926.85
4. Find the tax on the total cost
of the car. Use tax as 9.5 %
0.095 x 21,926.85= $2083.05
5. Add lines 3 and 4 together.
This is your loan amount. (A)
$21,926.85+$2083.05=
A=$24,009.90
6. You will finance the car at an M=0.088/ 12= 0.007333333
annual rate of 8.8%. Divide this
number by 12 to get the
monthly rate. This is (m)
7. Your length will be 5 years
long. Calculate the number of
months this will be. This is
your N.
N=5x12=60
CALCULATING MY INTEREST &
MONTHLY PAYMENT CONT…
8. Use the formula to find your
monthly payment. This is P.
SHOW YOUR WORK!!
P=24009.90x0.0073/1-(1+0.0073)^-60
P=175.27227/1-(1.0073)^-60
P=175.27227/1-0.64635
P=175.27227/0.35365
P=$495.61
Multiply the value you found in line
8 by 60 to get the total amount you
paid for the vehicle including
interest.
$495.61x60=$29736.60
Subtract line 5 from line 9 to show
how much you paid was in interest.
$29736.60-24009.90= $5726.70
I paid $29736.60 for my car
including interest.
I paid $5726.70 for my interest!
THIS IS THE 2010 SUBARU IMPREZA WRX