MATH 108X - Savings & Loans Project (Vehicle Option)

Project Goal: To see how interest works against you when you take out a Loan and
how it works for you when you Save.

#1 Select a car to "consider for purchase."

Enter the requested information about the vehicle (see Column M).

#2 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).

#3
Complete the "Loan Side" of this worksheet.

#4
Complete the "Savings Side" of this worksheet.

#5
Discuss this project with a friend. 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.

Then, provide a cohesive paragraph that responds to each of the following.

1. Explain which option (saving first or taking out the loan and buying now)
that you think is better for you and why. Include any insights from your friend
or family member.

2. Describe any lessons you have learned in understanding debt and savings
plans.

3. How might you apply or teach others about these ideas in your future?
 3. How might you apply or teach others about these ideas in your future?

Summarize your discussion with your friend or family member here... be

sure to write about all three points listed above.
1. Explain which option (saving first or taking out the loan and buying
now) that you think is better for you and why. Include any insights from
your friend or family member..
Type your answer here...

2. Describe any lessons you have learned in understanding debt and

savings plans.
Type your answer here...

3. How might you apply or teach others about these ideas in your
future?

Type your answer here...

Option) If you don't have a vehicle in mind a
you can use one of these links to fi

Loan Side
#3 Vehicle Sale Price

Sales Tax
On this side you will compute the cost of taking
out a loan to buy the car of your choice. Down Payment

Loan Amount

APR

Loan Term (months)

You Paid Monthly Payment

Car Cost
Total Payments
Wasted Money Total Interest
Hover the mouse over the triangles for help.

Loan Amortization Schedule Payment to Bank = $0.00

Month Beginning Balance To Interest To Principal
1
2
3
4
5
Hint
 If you don't have a vehicle in mind already,
you can use one of these links to find one:

#1
Enter your Vehicle Information here.

Make: Model:

Year: Mileage:

Paste a Picture of the Car Here

(Use "Right Click" -> "Paste Special" -> "Picture")

ver the mouse over the triangles for help.

Savings Amortization S
Ending Balance Month

#2 1
2
3
Loan Details
4
Loan Term (years): 5
Loan Interest Rate:

Savings Account Details

Savings Interest Rate:

Typical Loan Rates and Terms

 New Car Used Car
3-Year Loan 3.15% 3-Year Loan 2.89%
4-Year Loan 3.49% 4-Year Loan 3.05%
5-Year Loan 3.84% 5-Year Loan 3.52%
6-Year Loan 4.28% 6-Year Loan 3.68%

Typical Checking and Savings Account Rates

Checking 0.1% Savings 1.2%
 Vehicle Sale Price Savings Side
Sales Tax
On this side you will save first, then buy. Is
Purchase Amount the wait worth it? You decide.
Previous Saved

APR

Savings Term (months)

You Paid
Monthly Payment
Car Cost
Total Payments
Earned Money
Total Interest
Hover the mouse over the triangles for help.

Savings Amortization Schedule Payment to Savings= $0.00

Beginning Balance Interest Earned Payment Ending Balance

Hint
Fall 2021
#4
Fall 2021
1
 MATH 108X - Savings & Loans Project (Vehicle Option)
Project Goal: To see how interest works against you when you take out a Loan and
how it works for you when you Save.

#1 Select a car to "consider for purchase."

Enter the requested information about the vehicle (see Column M).

#2 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).

#3
Complete the "Loan Side" of this worksheet.

#4
Complete the "Savings Side" of this worksheet.

#5 Discuss this project with a friend or family member…

Caution: did you remember to summarize your discussion

that you had with your friend and write about all three points?
 0

e Option)

Errors Remaining: 71
Number Correct: 0

Loan Side
#3 Vehicle Sale Price

Sales Tax
ERROR

ERROR

Down Payment ERROR

Loan Amount ERROR

APR ERROR

Loan Term (months) ERROR

You Paid ERROR Payment ERROR

Car Cost ERROR ERROR
Total Payments
Wasted Money ERROR Total Interest ERROR

Loan Amortization Schedule Payment = $0.00

Month Beginning Balance To Interest To Principal Ending Balance
1 ERROR ERROR ERROR ERROR
2 ERROR ERROR ERROR ERROR
3 ERROR ERROR ERROR ERROR
4 ERROR ERROR ERROR ERROR
5 ERROR ERROR ERROR ERROR
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#1
Enter your Vehicle Information here.

Make: ERROR Model: ERROR

Year: ERROR Mileage: ERROR ERROR

ERROR

ERROR

ERROR

ERROR
Caution: did you insert a picture of your vehicle? ERROR

ERROR

ERROR

ERROR

Savings Amortization Schedule

Month Beginning Balance

#2 1
2
ERROR
ERROR
3 ERROR
Loan Details
4 ERROR
Loan Term (years): ERROR 5 ERROR
Loan Interest Rate: ERROR 0 0
0 0
0 0
0 0
Savings Account Details
0 0
Savings Interest Rate: ERROR 0 0
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 Savings Side
Vehicle Sale Price

Sales Tax
#4
Purchase Amount

Previous Saved

APR

Savings Term (months)

You Paid
Payment ERROR
Car Cost
Total Payments ERROR
Earned Money
Total Interest ERROR

Interest Earned Payment Ending Balance

ERROR ERROR ERROR
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