CarLoanCaseStudy (1) (3)
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School
Brigham Young University, Idaho *
*We aren’t endorsed by this school
Course
108X
Subject
Mathematics
Date
Apr 3, 2024
Type
xlsx
Pages
26
Uploaded by BrigadierHeat19682
MATH 108X - Savings & Loans Project (Vehicle #1
#2
#3
Complete the "Loan Side" of this worksheet.
#4
Complete the "Savings Side" of this worksheet.
#5A,B
#6
Project Goal
: To see how interest works against
you when you take out a Loan and how it works for
you when you Save.
Select
a car to "consider for purchase." Enter the requested information about the vehicle (see Column M).
Use your own bank, or a typical value of what banks usually offer for savings account interest rates and loan terms and rates. Enter the requested information about the bank rates (see Column M).
Complete the summary cells on both the "Loan Side" and the "Savings Side" of this worksheet.
Discuss this project with a friend or family member. Show them the car you are considering for purchase. Explain how much you would end up paying if you (1) took out the loan and (2) if you saved for it first. Explain which option you think is better for you and why. Talk about the consequences of missing one month of payments under each option. Summarize your discussion with your friend or family member below. Be sure to write about ALL four points below.
Summarize your discussion with your friend or family member here... be sure to write about all four points listed below.
1. Explain which option (saving first or taking out the loan and buying now) that you think is better for you and why.
Saving first would be better because you don’t waste any money and you actually earn some money then taking out the loan and paying more for the actual car.
2. Summarize your discussion with your friend or family member, including their insights on your project.
I would them that for the loan I would end up paying $ 18,273.09 and if I saved I would end up paying $ 17,486.33, so I would rather save because I don’t waste any money when taking out a loan but if I did get a loan I would have the car earlier but then I would’ve paid a higher price than what it actually was. My parents agreed with me that it would be best if I saved money for the car instead of taking out the loan.
3. Describe any lessons you have learned in understanding debt and savings plans.
I learned that you should always be careful when making a decision and to put this on excel.
4. How might you apply or teach others about these ideas in your future?
I can apply or teach others about these ideas in my future when I first purchase my own car and see if I want a loan or should just save.
Option)
#3
Loan Side
Vehicle Sale Price
Sales Tax
Down Payment
Loan Amount
#5A
APR
Loan Term (months)
You Paid
$ 18,273.09 Monthly Payment
Car Cost
$ 17,483.64 Total Payments
Wasted Money
$ 789.45 Total Interest
Loan Amortization Schedule
Payment to Bank = $507.31 Month
Beginning Balance
To Interest
To Principal
1
$ 17,473.64 $ 42.08 $465.23 2
$ 17,008.41 $ 40.96 $466.35 3
$ 16,542.07 $ 39.84 $467.47 4
$ 16,074.60 $ 38.71 $468.59 5
$ 15,606.00 $ 37.58 $469.72 Hint
6
$ 15,136.28 $ 36.45 $470.85 7
$ 14,665.43 $ 35.32 $471.99 8
$ 14,193.44 $ 34.18 $473.13 9
$ 13,720.31 $ 33.04 $474.26 10
$ 13,246.05 $ 31.90 $475.41 11
$ 12,770.64 $ 30.76 $476.55 12
$ 12,294.09 $ 29.61 $477.70 13
$ 11,816.39 $ 28.46 $478.85 14
$ 11,337.54 $ 27.30 $480.00 15
$ 10,857.53 $ 26.15 $481.16 If yo
you
On this side you will compute the cost of taking out a loan to buy the car of your choice.
Hover the mouse o
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16
$ 10,376.38 $ 24.99 $482.32 17
$ 9,894.06 $ 23.83 $483.48 18
$ 9,410.58 $ 22.66 $484.64 19
$ 8,925.93 $ 21.50 $485.81 20
$ 8,440.12 $ 20.33 $486.98 21
$ 7,953.14 $ 19.15 $488.15 22
$ 7,464.99 $ 17.98 $489.33 23
$ 6,975.66 $ 16.80 $490.51 24
$ 6,485.15 $ 15.62 $491.69 25
$ 5,993.46 $ 14.43 $492.87 26
$ 5,500.59 $ 13.25 $494.06 27
$ 5,006.52 $ 12.06 $495.25 28
$ 4,511.27 $ 10.86 $496.44 29
$ 4,014.83 $ 9.67 $497.64 30
$ 3,517.19 $ 8.47 $498.84 31
$ 3,018.35 $ 7.27 $500.04 32
$ 2,518.32 $ 6.06 $501.24 33
$ 2,017.07 $ 4.86 $502.45 34
$ 1,514.62 $ 3.65 $503.66 35
$ 1,010.96 $ 2.43 $504.87 36
$ 506.09 $ 1.22 $506.09
#1
Enter your Vehicle Information here.
Make:
Toyota
Model:
Prius
$ 16,494.00 Year:
2017
Mileage:
77,352
$ 989.64 $ 10.00 $ 17,473.64 2.89%
36
$507.31 $ 18,263.09 $ 789.45 Savings
Ending Balance
Month
$ 17,008.41 #2
1
$ 16,542.07 2
$ 16,074.60 Loan Details
3
$ 15,606.00 4
$ 15,136.28 Loan Term (years):
3
5
$ 14,665.43 Loan Interest Rate:
2.89%
6
$ 14,193.44 7
$ 13,720.31 8
$ 13,246.05 Savings Account Details
9
$ 12,770.64 10
$ 12,294.09 Savings Interest Rate:
0.01%
11
$ 11,816.39 12
$ 11,337.54 13
$ 10,857.53 Typical Loan Rates and Terms
14
$ 10,376.38 New Car
Used Car
15
ou don't have a vehicle in mind already, u can use one of these links to find one:
over the triangles for help.
$ 9,894.06 3-Year Loan
3.15%
3-Year Loan
2.89%
16
$ 9,410.58 4-Year Loan
3.49%
4-Year Loan
3.05%
17
$ 8,925.93 5-Year Loan
3.84%
5-Year Loan
3.52%
18
$ 8,440.12 6-Year Loan
4.28%
6-Year Loan
3.68%
19
$ 7,953.14 20
$ 7,464.99 21
$ 6,975.66 Typical Checking and Savings Account Rates
22
$ 6,485.15 Checking 0.1%
Savings 1.2%
23
$ 5,993.46 24
$ 5,500.59 25
$ 5,006.52 26
$ 4,511.27 27
$ 4,014.83 28
$ 3,517.19 29
$ 3,018.35 30
$ 2,518.32 31
$ 2,017.07 32
$ 1,514.62 33
$ 1,010.96 34
$ 506.09 35
$ (0.00)
36
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#4
Savings Side
$ 16,494.00 Vehicle Sale Price
$ 989.64 Sales Tax
$ 17,483.64 Purchase Amount
$ 10.00 Previous Saved
0.01%
APR
36
$485.45 Monthly Payment
$ 17,486.33 You Paid
$ 17,476.33 Total Payments
$ 17,483.64 Car Cost
$ 2.55 Total Interest
$ (2.69)
Earned Money
s Amortization Schedule
Payment to Savings= $485.45 Beginning Balance
Interest Earned
Payment
Ending Balance
$ 10.00 $ 0.00 $485.45 $ 495.45 $ 495.45 $ 0.00 $485.45 $ 980.91 $ 980.91 $ 0.01 $485.45 $ 1,466.37 $ 1,466.37 $ 0.01 $485.45 $ 1,951.84 $ 1,951.84 $ 0.02 $485.45 $ 2,437.31 $ 2,437.31 $ 0.02 $485.45 $ 2,922.78 $ 2,922.78 $ 0.02 $485.45 $ 3,408.26 $ 3,408.26 $ 0.03 $485.45 $ 3,893.74 $ 3,893.74 $ 0.03 $485.45 $ 4,379.23 $ 4,379.23 $ 0.04 $485.45 $ 4,864.72 $ 4,864.72 $ 0.04 $485.45 $ 5,350.21 $ 5,350.21 $ 0.04 $485.45 $ 5,835.71 $ 5,835.71 $ 0.05 $485.45 $ 6,321.22 $ 6,321.22 $ 0.05 $485.45 $ 6,806.72 $ 6,806.72 $ 0.06 $485.45 $ 7,292.23 On this side you will save first, then buy. Is the wait worth it? You decide.
Savings Term (months)
Hover the mouse over the triangles for help.
$ 7,292.23 $ 0.06 $485.45 $ 7,777.75 $ 7,777.75 $ 0.06 $485.45 $ 8,263.26 $ 8,263.26 $ 0.07 $485.45 $ 8,748.79 $ 8,748.79 $ 0.07 $485.45 $ 9,234.31 $ 9,234.31 $ 0.08 $485.45 $ 9,719.84 $ 9,719.84 $ 0.08 $485.45 $ 10,205.38 $ 10,205.38 $ 0.09 $485.45 $ 10,690.92 $ 10,690.92 $ 0.09 $485.45 $ 11,176.46 $ 11,176.46 $ 0.09 $485.45 $ 11,662.01 $ 11,662.01 $ 0.10 $485.45 $ 12,147.56 $ 12,147.56 $ 0.10 $485.45 $ 12,633.11 $ 12,633.11 $ 0.11 $485.45 $ 13,118.67 $ 13,118.67 $ 0.11 $485.45 $ 13,604.24 $ 13,604.24 $ 0.11 $485.45 $ 14,089.80 $ 14,089.80 $ 0.12 $485.45 $ 14,575.37 $ 14,575.37 $ 0.12 $485.45 $ 15,060.95 $ 15,060.95 $ 0.13 $485.45 $ 15,546.53 $ 15,546.53 $ 0.13 $485.45 $ 16,032.11 $ 16,032.11 $ 0.13 $485.45 $ 16,517.70 $ 16,517.70 $ 0.14 $485.45 $ 17,003.29 $ 17,003.29 $ 0.14 $485.45 $ 17,488.89
#5B
Hint
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Winter 2024
1
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MATH 108X - Savings & Loans Project (Vehicl
#1
#2
#3
Complete the "Loan Side" of this worksheet.
#4
Complete the "Savings Side" of this worksheet.
#5A,B
#6
Discuss this project with a friend or family member…
Project Goal
: To see how interest works against
you when you take out a Loan and how it works for
you when you Save.
Select
a car to "consider for purchase." Enter the requested information about the vehicle (see Column M).
Find
a bank on the internet that shows their interest rates for both auto loans and savings accounts. Enter the requested information about the bank rates (see Column M).
Complete the summary cells on both the "Loan Side" and the "Savings Side" of this worksheet.
0
le Option)
Errors Remaining:
1
Number Correct:
318
Loan Side
Vehicle Sale Price
Sales Tax
Down Payment
Loan Amount
#5A
APR
Loan Term (months)
You Paid
Correct Payment
Car Cost
Correct Total Payments
Wasted Money
Correct Total Interest
Loan Amortization Schedule
Payment = $507.31 Month
Beginning Balance
To Interest
To Principal
1
Correct Correct Correct
2
Correct Correct Correct
3
Correct Correct Correct
4
Correct Correct Correct
5
Correct Correct Correct
Hint
6
Correct
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Correct
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#1
#3
Enter your Vehicle Information here.
Make:
Correct
Model:
Correct
Correct Year:
Correct
Mileage:
Correct
Correct Correct Correct Correct
Correct
Correct
Correct Correct Savings
Ending Balance
Month
Correct #2
1
Correct 2
Correct Loan Details
3
Correct 4
Correct Loan Term (years):
Correct
5
Correct
Loan Interest Rate:
Correct
6
Correct
7
Correct
8
Correct
Savings Account Details
9
Correct
10
Correct
Savings Interest Rate:
Correct
11
Correct
12
Correct
13
Correct
14
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Correct
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#4
Savings Side
Correct Vehicle Sale Price
Correct Sales Tax
Correct Purchase Amount
Correct Previous Saved
Correct
APR
#5B
Correct
ERROR
Payment
Correct You Paid
Correct Total Payments
Correct Car Cost
Correct Total Interest
Correct Earned Money
s Amortization Schedule
Beginning Balance
Interest Earned
Payment
Ending Balance
Correct Correct Correct
Correct Correct Correct Correct
Correct Correct Correct Correct
Correct Correct Correct Correct
Correct Correct Correct Correct
Correct Correct
Correct
Correct
Correct
Hint
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Savings Term (months)
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