assignment just alot of math things i dont undertsand

Cars 1. Use the calculator https://www.moneyunder30.com/car-affordability-calculator (Links to an external site.) (Links to an external site.) to decide how expensive of a car you can afford given the monthly and down payment you can make (scroll towards the middle (look to the left and put your curser on “Car Buying Calculators”, then click on it for it to take you to the “Auto loan calculator” to input the information as instructed in parentheses (input 5% sales tax and $500 for Dealer/Title/Registration Fees). Input your information, if you do not have a down payment enter zero if you want to put a down payment enter the dollar amount and use the same logic for trade in value; zero if no trade in and if you have a trade in list the dollar amount the vehicle is worth market value. Submit the loan information and the results. Observe what is happening from year to year. Write a brief summary explaining your observations if you finance an automobile at 5% for each year listed below: (9 points) a) Three years b) Four years c) Five years 2. Based on the results you received for a three-year loan, using the internet, find a car that match your results (budget) and explain (in a paragraph) why you selected that particular vehicle. Remember to use your lecture notes and textbook knowledge with answering the questions. (6 points) 1. Use website http://www.bankrate.com/calculators/mortgages/new-house-calculator.aspx (Links to an external site.) (Links to an external site.) to calculate how big of a house you would be able to afford based on your annual earnings when you graduate. To determine if you can afford the home, Use the monthly income that you would be earning as a college graduate with your major (go to https://www.indeed.com (Links to an external site.) (Links to an external site.) (enter the job of your desire and the city and state you want to work in and the information will populate with salary range for your degree (Bachelor)) to determine your monthly salary if salary is provided in an annual amount; divide by 12 to get the monthly salary. Enter the annual amounts $1,500 for property tax, $1,500 for home insurance, and $15,000 for down payment. (Remember to input your monthly car payment and input zero’s in the fields that do not apply to you; example: if you do not receive Alimony input zero). a) Calculate the numbers you get for a 5%, 15-year mortgage. (3 points) b) Calculate the numbers you get for a 7%, 30-year mortgage. (3 points) **Please click on the calculate button at the bottom to get the results and submit the entire page with results. ** c) 1) If you have five years to save $15,000 for down payment for your future house, what specific saving steps could you take to save the amount? Please consult your textbook and lecture notes. (5 points) 2) Calculate how much you would have to save each month for five years to meet your down payment goal of $15,000, assuming your bank offers you 1.50% APR on deposits. [Hint: use excel to solve it and/or bankrate.com (Links to an external site.) – click on simple savings calculator] Submit your information and results. (4 points)

 

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