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Aziz Elhady The Cost of Credit- Multimedia Presentation
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The Cost of Credit
Aziz Elhady
My First Car
Topic
-2008 Toyota Yaris 2 door
-140,000 miles
-Transmission is 4 speed automatic
- $3000
-Inkster, Michigan offers this car
The reason I selected this car was because Toyota is an extremley trusted brand, my family has been getting toyotas for years and they have rarely ever broken down, and when they did the repair costs were often cheap. I think having such a cheap but reliable car for your first car is an extremley good way of establishing a sense of ownership while also showing you could be one day responsible for an even better car in the future.
My Bank options
My Bank Options
The bank I chose is Bank of America because it is a large bank all over the U.S. that does not have interest rates that are too high. I believe it is the safest option.
Topic
My Credit Union Options
A credit union bank's purpose is to help members save money and offer them loans when needed. A credit union bank is also run by members.
I researched and chose a credit union bank called "Community Choice Credit Union." I chose this because the APR auto loan rate is as low as 6.99%%
My Calculations
I used a loan calculator and for 3 years, the monthly cost of this used car would be $83 which is less than I expected. For 4 years, I the monthly cost would be $68 which is more affordable. Lastly, for 5 years, the cost is $50.
Total cost of car- $3000
Sales tax- 5%
Annual interest rate- 5%
Down payment #1- $600
Down payment #2- $800
Topic
Comparing Loan Options
Loan options-
loan with fees and 4% interest rate
loan with fees and 9% interest rate
800
Chase
Community Choice
Topic
9%
4%
$720
$320
$50
$83
$68
$40
$20
$53