Math 1324 Signature Assignment: “I am Buying a Car. Please Don’t Sell me a Lemon!” Find an advertisement for the purchase of a car and pretend that you are going to make that purchase by financing the...

math homework project


Math 1324 Signature Assignment: “I am Buying a Car. Please Don’t Sell me a Lemon!” Find an advertisement for the purchase of a car and pretend that you are going to make that purchase by financing the amount of the listed selling price. You will need to turn in a copy of the advertisement with this project. You will finance the car at 6% and calculate your monthly payment for 4 years and then calculate your monthly payment for 6 years. * As you are answering your questions, be sure that you are using credible sources and save your sources so that you can site them at the bottom of the paper. You will be required to have at least 3 credible sources during your research * 1. Using the chart below: Calculate the amount of your monthly car payment. Be sure and round your payment to the nearest cent before calculating total cost and interest. Calculate the total cost of the car. Find the amount of Interest paid. Car Chosen: (Include the Make, Model, Year, and Price) ___________________________________________________________________________ Financed at 6% interest for 4 years Financed at 6% interest for 6 years Amount Financed (A) Interest Rate (r), in decimal form Duration of the loan (n), in months Monthly payment (P) Use formula above and show work Total Cost of Car (C), Amount of Interest paid, 2. Occupation: Research your future occupation to determine the median yearly salary. Occupation Chosen: ___________________ Median Yearly Salary: __________________ Monthly gross income: ________________________ 3. It is advisable to make sure that your monthly car payment is no more than 15% of your monthly gross income. Calculate 15% of your monthly gross income. Would it be advisable to finance the car for 4 years and have a larger payment or for 6 years and have a smaller payment based on your monthly gross income? If neither of these payments are less than 15% of your monthly gross income, explain how you will offset the additional cost of your vehicle. (You may answer this on a separate sheet of paper in an essay format.) 4. Your final task is to write a 300-word (minimum) essay that addresses the following: a. Discuss what career you chose and the educational requirements, including degrees, licensing, and certificates necessary for this career. Include within this discussion the total years of education necessary. b. Describe the typical job duties associated with this career. c. You must have transportation in order to get to your job. Use the calculations from above, discuss which car you chose, and if you should finance it for 4 years or 6 years based on your budget (include how you will offset the additional cost if neither payment falls within your budget). Include the price, payments and percent of monthly income your payment will be. d. Discuss the viewpoints of financing a car for a shorter time period and having a larger payment versus financing a car for a longer time period and having a smaller payment. e. Close out your paper with why you chose the career and how you will successfully obtain your goal. f. Do not forget to site your sources at the bottom of your paper and make sure the sources are credible.