MATH 119 FINITE MATHEMATICS
MATH 119 FINITE MATHEMATICS
Project One : : Buying a Car
Project One : : Buying a Car
For this project, you may work in groups of no larger than three, with
one final write-up turned in per group. The final write-up should be
completely typed, with all pertinent files, printouts, etc. collected
neatly into a single document. You will be graded not only on the
correctness of your information, but on the organization and clarity
of how you compile, interpret, and present that information. This
project is due at the beginning of class on Friday, March 13th. No
late projects will be accepted, but you can arrange to turn it in early.
If you choose to work in a group, I expect equal participation from all
group members and if there is evidence that this is not the case, your
individual grade may be affected accordingly.
For this project, you may work in groups of no larger than three, with
one final write-up turned in per group. The final write-up should be
completely typed, with all pertinent files, printouts, etc. collected
neatly into a single document. You will be graded not only on the
correctness of your information, but on the organization and clarity
of how you compile, interpret, and present that information. This
project is due at the beginning of class on Friday, March 13th. No
late projects will be accepted, but you can arrange to turn it in early.
If you choose to work in a group, I expect equal participation from all
group members and if there is evidence that this is not the case, your
individual grade may be affected accordingly.
The purpose of this project is to investigate the financing involved in
purchasing a new car. Here's what you need to do:
The purpose of this project is to investigate the financing involved in
purchasing a new car. Here's what you need to do:
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go to a dealership and determine the make, model, year, and price
(including tax and licensing fees) of the car you wish to purchase
determine the trade-in value the dealership would be willing to offer you
(if applicable)
determine the cash down payment you are able to make on the purchase
determine how much you will have to borrow (loan amount)
through the dealership or a bank, determine the terms (interest rate,
length, etc.) of a loan for your needed amount
using Excel, calculate your monthly payment and set up an amortization
table for the life of the loan (table should at least include columns for
Time, Monthly Payment, Interest Paid, Principal Paid, and Balance)
using your amortization table, calculate the total interest paid on the
loan
using your amortization table, investigate the effects of paying more
than necessary per month (paying $50 more than the monthly payment,
for example, and $75 more, and $100 more, etc.) on total interest paid
and time required to pay off balance








go to a dealership and determine the make, model, year, and price
(including tax and licensing fees) of the car you wish to purchase
determine the trade-in value the dealership would be willing to offer you
(if applicable)
determine the cash down payment you are able to make on the purchase
determine how much you will have to borrow (loan amount)
through the dealership or a bank, determine the terms (interest rate,
length, etc.) of a loan for your needed amount
using Excel, calculate your monthly payment and set up an amortization
table for the life of the loan (table should at least include columns for
Time, Monthly Payment, Interest Paid, Principal Paid, and Balance)
using your amortization table, calculate the total interest paid on the
loan
using your amortization table, investigate the effects of paying more
than necessary per month (paying $50 more than the monthly payment,
for example, and $75 more, and $100 more, etc.) on total interest paid
and time required to pay off balance
Addressing these questions and any others you feel are pertinent,
write up a report on your experience. The important facts and
calculations should be easily identifiable, but your write-up should
not simply be a list of tables and figures. Be sure to write in clear,
complete sentences and include all appropriate supporting
documents (business cards, fliers from dealership, information from
bank, photo of car, etc.)
Addressing these questions and any others you feel are pertinent,
write up a report on your experience. The important facts and
calculations should be easily identifiable, but your write-up should
not simply be a list of tables and figures. Be sure to write in clear,
complete sentences and include all appropriate supporting
documents (business cards, fliers from dealership, information from
bank, photo of car, etc.)
Have fun.
Have fun.