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Car Loans

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Evan Royko

on 3 June 2014

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Transcript of Car Loans

Our Car
Show Me The Car Fax
0% APR or Cash Back
The 0% APR option is better because you would pay $42.02 less every month than you would with the cash back option.
If you could only afford $350/month payments, how much car would you be able to afford in the long run at 4% APR?
You would use the formula by plugging in .04 for the rate, and then solve for P. You would be able to afford $18,984.
Car Loan Project
Buying a Car
-research cars (safety, gas mileage, where it's made, brand, year/model)
-make sure it's a car you can afford each month
Parts of the Equation
m=total price
P= payment
r= rate (APR)
n= number of times you pay per year
t= number of years
-negotiate price with the car dealer to get the best scenario
-make sure it fits your lifestyle
-compare deals on prices/APR payments and decide which one is cheaper (apr=annual percentage rate)
It helps you figure out how much you would pay each month and you use it by simply plugging the numbers into the equation
-find best price for the car
-test drive the car
-consider getting a loan
manufacturers suggested retail price
Full transcript