Post on 30-May-2018
8/14/2019 21009039 Car Buying Project XLS 95 Excel Version 1
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Fall 2009
Student:
Class: Algebra 1
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Car 1 Picture
Page 1
Car 1 Picture Paste Here
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Car 2 picture
Page 2
Car 2 Picture Paste Here
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Student Summary
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Car Purchase Summary
CAR 1 CAR 2
CAR MODEL
BASE PRICEOptions
Anti-theft device
Automatic windows
CD player
Air bags:driver, side
Special wheels
Other options
Dealer fees
TOTAL CAR COST
INSURANCE COST for 3 years
Car Registration for 3 years
FINANCING COST for 3 years
Maintenance Cost for 3 years
Fuel Cost for 3 years
TOTAL to Purchase and Operate Car
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Car 1 Payment Formula
Payment = P*(I/12) / (1-(1+I/12)^(-n))
Car 1 Payment is:
$-
Car 2 Payment Formula
Payment = P*(I/12) / (1-(1+I/12)^(-n))
C 2 P t i
Loan Payment CalculationsChoose your interest rate: Annual Interest RateCars less than $15,000 6.5%Cars $15,000 < x < 25,000 7.1%Cars $25,000 < x < 55,000 7.8%Cars $55,000 8.2%
Payment = P*(I/12) / (1-(1+I/12)^(-n))
Where P is the principal loan amount, I is the APR interest rate, and n is thenumber of periods (payments).
P principal amount is the price you pay for the car.I interest rate must be expressed as a DECIMAL, i.e. 5.5% =0.055
n is the total number of monthly payments; use 36.
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Car 1 Loan Amortization
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Car 1 Loan Amortization Car Name
Interest rate per year Interest rate per month
Year Month Payment Beginning Balance
2009 October 1 Total Car Loan Amount
November 2 23235
December 3
2010 January 4
February 5
March 6
April 7
May 8
Jun 9
Jul 10
Aug 11
Sep 12
Oct 13
Nov 14
Payment (stays the same eachmonth)
Interest (Beginning Balance xthe interest rate per month)
Principal Paid (Loanpayment interest
paid)
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Car 1 Loan Amortization
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Dec 15
2011 Jan 16
Feb 17
Mar 18
Apr 19
May 20
Jun 21
Jul 22
Aug 23
Sep 24
Oct 25
Nov 26
Dec 27
2012 Jan 28
Feb 29
Mar 30
Apr 31
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Car 1 Loan Amortization
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May 32
Jun 33
Jul 34
Aug 35
END Sep 36
Total Financing Cost
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Car 2 Loan Amortization
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Car 2 Loan Amortization Car Name
Interest rate per year Interest rate per month
Year Month Payment Beginning Balance
2009 October 1 Total Car Loan Amount
November 2
December 3
2010 January 4
February 5
March 6
April 7
May 8
Jun 9
Jul 10
Aug 11
Sep 12
Oct 13
Nov 14
Payment (stays the same eachmonth)
Interest (Beginning Balance xthe interest rate per month)
Principal Paid (Loanpayment interest
paid)
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Car 2 Loan Amortization
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Dec 15
2011 Jan 16
Feb 17
Mar 18
Apr 19
May 20
Jun 21
Jul 22
Aug 23
Sep 24
Oct 25
Nov 26
Dec 27
2012 Jan 28
Feb 29
Mar 30
Apr 31
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Car 2 Loan Amortization
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May 32
Jun 33
Jul 34
Aug 35
END Sep 36
Total Financing Cost
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Insurance, Maint, Registration,
1.) Car Tags Registration. Get cost by going to this website.
http://www.shelbycountytn.gov/FirstPortal/dotShowDoc/Government/ElectedOfficials/mvd.htm
Car Tags Cost cost per year
2.) Insurance quote
http://www.progressive.com/
Note do NOT use any of your personal information!
DO NOT give out your SSN
Use the following when asked: email melrosemath@hotmail.com
Birth date 05/21/93
Insurance cost/month Car 1 Car 2
3.) Gasoline cost per year example
miles driven per year 15000
cost per gal 2.25 2.25 2.25
miles per gal 26
total cost $1,298.08
Maintenance
Oil change 4 times per year cost for oil change
Cost for 4 per year
Maintenance Factor Miles driven per year x Maintenance factor
Other Maintenance Year 1 0.0125
Year 2 0.0150
Year 3 0.0175
TOTAL Maintenance for 3 years (Oil+other maint)