# Web_Quest_Loans

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```					Name: ___________________________

Task: You are finally going to graduate from high school! As a present to yourself, you decide
to buy yourself your dream car! This web quest will allow you to search for your dream car,
search for the best loan for you, and learn exactly what is entailed in getting a loan and paying
off a loan. You will get to look at how the interest rates and the length of the loan affect the
amount that you are paying for your dream car.

1.) Since you’re not exactly sure what type of car you want, do some research on the
following websites and pick the car that you want to buy. What car do you want to be
driving this summer? Pick a car from the following websites. How much does your
dream car cost? When all is said and done, how much do you think you will pay for your
car?

   Porsche
   BMW
   Hummer
   Ferrari
   Lexus
   Corvette

2.) Let’s not forget that you are only high school students. So, you have no money!
Therefore, you will need to take out a loan to be able to pay for the car of your dreams.
Pick three of the following banks, search their websites, and find the best rates out there
for you. The banks you can choose to get a loan from are:

   Wells Fargo
   PNC Bank
   PSECU
   Fulton Bank

3.) Using the information you obtained about some possible loans and the possible lengths
of your loan (use 2, 4, and 6 years for each loan), calculate how much you will have to
pay each month for each loan, how much you will have to pay in total for each loan, and
how much you will be paying in interest for each loan. Calculations should be done for
all three lengths of loans listed above and for the loans from each of the three banks that
you researched. You must show your work for all nine of the calculations!!!!!
4.) What loan are you going to pick to buy your car? You should indicate the bank, the rate,
the length, and the monthly payment of the loan. Why are you selecting that loan?

5.) Looking at the amount of money that you must pay per month and in total for each loan,
is the amount that you pay for a 6-year loan triple the amount that you pay for a 2-year
loan or is the 4-year loan double the amount that you pay for a 2-year loan? Why?

6.) Now that you have found the information about your dream car, let’s look at what you
could be faced with in the future. Using the loan calculator that is linked below, double
the interest rate that you are paying for the loan that you have selected. If you double the
interest rate, does the amount that you are paying per month double? Does the amount
that you are paying in total double?

Loan Calculator

7.) Put all of the information that you found about each loan into a spreadsheet using
Microsoft Excel. In the spreadsheet, you should indicate which bank you used, the length
of the loan, the interest rate of the loan, how much the monthly payment is for each loan,
and how much you will pay in total if you use that loan. Create a graph in Microsoft
Excel that allows you to compare each loan’s interest rate versus its monthly payment. Is
the graph linear? If so, why? If not, why?

8.) Discuss your answers to all of the previously mentioned questions in a Microsoft Word
document. You should answer all of the questions, including what loans you selected and
all of the payment information for each loan, in complete sentences. Also, discuss what
you have learned about loans as a result of completing this assignment.

You should turn in a Word document with answers to all of the questions above. This document
should be clear and easy to follow. You must also turn in your Excel spreadsheet and the copy
of the graph that you created. Lastly, you must submit your papers with all of your hand-written

Project is due at the beginning of class on Wednesday, May 19. Late work will be docked 10%
each day.
Loans Web Quest Rubric

5                        3                        1                        0
Car         All car information     Most car                 Only the original        No car information
Information     (make, model, year,     information (make,       cost of the car is       is given.
original cost, and      model, year, and         given.
estimated final cost)   original cost) is
is given.               given.
Bank         All bank information    Bank information         Bank information         No bank information
Information     (rate and length) is    (rate and length) is     (rate and length) is     is given.
given for all three     given for two banks.     given for one bank.
banks.
Payment        All payment             All payment              All payment              No payment
Calculations    calculations for all    calculations for all     calculations for all     calculations are
three loans from        three loans from two     three loans from one     shown or they are
each of the three       of the three banks       of the three banks       shown, but they all
banks are shown and     are shown, but two       are shown, but two       are incorrect.
are correct.            or less are incorrect.   or less are incorrect.
Loan Selection   A loan is selected      A loan is selected       A loan is selected,      Did not select a loan
and the bank, rate,     and the bank, rate,      but only the bank is     to use.
length, and monthly     length, and monthly      given.
payment are all         payment are all
indicated and a         indicated, but no
reason is given.        reason is given.
Relationship    rate and monthly        rate and monthly         rate and monthly         relationship between
payment are             payment are              payment are              the loans.
one is correct.          are incorrect.
with all required       with only                with only                given.
information.            information for two      information for one
banks.                   bank.
Graph         Graph and               Correct graph is         Correct graph is         No graph is given.
explanation are both    given, but               given, but no
given and are           explanation is           explanation is given.
correct.                wrong.
Report        Report is typed and     Report is typed and      Report is typed and      No report is given or
all information is      most of the              some of the              it is not typed.
provided.               information is           information is
provided.                provided.
Computer Lab     All time in the         Most of the time in      Some of the time in      Did not use time in
Participation   computer lab was        the computer lab         the computer lab         computer lab to
using websites for      and using websites       and using websites       No work was done
research only.          for research only.       for research only.       in the lab.
Organization/    All work is             All work is              All work is typed,       Answers cannot be
Neatness       presented in a neat,    presented in a neat,     but it is out of order   identified, report and
clear order and is      clear order and is       and difficult to         spreadsheet are
typed. Calculations     typed. Calculations      follow.                  sloppy. Work
are hand-written        are sloppy and                                    (except calculations)
neatly.                 difficult to read.                                is not typed.

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