Internet Automobile Loan Activity
Click on: http://www4.harrisbank.com/
Student’s Name__________________
New Car Loan!!!
(Click on Personal Financial Services Click on Calculators under Resources. Click on
Auto How much will my vehicle payments be? )
Down Payment: Loan #1 $3000/ Loan #2 $4000
Purchased Price: $19,000
Loan Terms: Loan #1 36/Loan #2 48 months
Interest Rates: Loan #1 9.5%-Loan #2 9.9%
Sales Tax: 8.75%
Cash Paid: $3000
Security Deposit: $250
Find the Monthly payments on Loan 1(36 Months)? _______________
Find the Monthly payments on Loan 2(48 Months)? _______________
What is the total interest (In dollars and cents) on Loan 1(36 Months)?
___________________
What is the total interest (In dollars and cents) on Loan 2(48 Months)?
___________________
New car loan data………………………………………………….10 pts
Print out the calculations
Use Auto Link to help with the next question.
(Click Under Auto, “Should I buy new or used”)
Should I buy NEW or USED? (Circle your choice)
Why?________________________________________________________
Buy New or Used ?……………………………………………….10 pts
Print out the calculations regarding New?Used
How Large is our line of Credit
(Under Mortgage click on “How much will my mortgage payments be?)
100% appraised value {please note}
Appraised value of our house $250,000
Mortgage $100,000
Loan to value ratio 85%
Monthly Rent $750
Rent Increase 3.5%
House Appraised rate 2.9%
Savings Rate 5%
Years before you sell (13 years)
Loan amount $90,000
Interest on loan 9.5%
Discount Points 3%
Property tax $4000
Yearly maintained $1700
Homeowners Insurance $900
Selling cost8.5%
How much is my mortgage? ______________________________
Should we buy or rent??
(Under Mortgage: click on What are the advantages of owning a home rather than
renting?”
How much is the difference? ________________________
Mortgage data, how much is your mortgage, and should you Rent
or Buy?……………………………………………………………………10 pts
Print out the calculations
New/Used Car Rubric
What should be turned in for the next class?
1. New car loan data………………………………………………….10 pts
2. Lease or Buy a car?……………………………………………….10 pts
3. Mortgage data, how much is your mortgage, and should you
Rent or Buy?……………………………………………………………………10 pts
Total…………………………………………………………………………………..30 pts
Please Print out all 3 calculations