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My Cars By: Lucy Fogler New Car 2008 Ferrari 599 GTB Fiorano Coupe F1 $273,845.00 Interest rate: 4.99% * *courtesy of cefcu *courtesy of cefcu Used Car 2003 Hyundai SantaFe V6 $9,895.00 Interest rate: 6.24% * *courtesy of cefcu New Monthly Payment Car is $273,845.00

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my cars

My Cars

By: Lucy Fogler

new car
New Car
  • 2008 Ferrari 599 GTB Fiorano Coupe F1
  • $273,845.00
  • Interest rate: 4.99%*

*courtesy of cefcu

*courtesy of cefcu

used car
Used Car
  • 2003 Hyundai SantaFe V6
  • $9,895.00
  • Interest rate: 6.24%*

*courtesy of cefcu

new monthly payment
New Monthly Payment
  • Car is $273,845.00
  • Down payment of $1000.00
  • Car loan is $272,845.00
  • Monthly Payment Formula
  • R=P[(1-(1+i)^-n)/i]^-1
  • When plugged into the formula the monthly payment is….
  • $5,147.67

P= 272,845

i= .0499/12

n= (12)(5)

used monthly payments
Used Monthly Payments
  • Car is $9,895.00
  • Down Payment is $1,000.00
  • Car loan is $8,895.00
  • Monthly Payment Formula
  • R=P[(1-(1+i)^-n)/i]^-1
  • When plugged into the formula the monthly payment is….
  • $172.96

P= 8,895

i= .0624/12

n= (12)(5)

amortization explanation
Amortization Explanation
  • Amount paid to interest
    • Used equation I=prt
      • P= (previous remaining balance)
      • r= (.0624) which is interest rate in decimal form
      • t= (1/12) one month is 1/12 of a year and t is in years
  • Amount paid to principal
    • Took monthly payment minus the amount paid to interest to get the amount paid to principal
  • Remaining balance
    • Took the previous remaining balance minus the amount paid to principal to get the new remaining balance
  • After 10 payments, I would still owe $7,597.89 on my used car loan
total interest
New Car

Used the formula:

Total Interest=(monthly payment)(# of months paying)-amount borrowed

Total Interest= (5147.67)(60)-272,845

Total Interest paid= $36,015.20

Used Car

Used the formula:

Total Interest=(monthly payment)(# of months paying)-amount borrowed

Total Interest= (172.96)(60)-8,895

Total Interest Paid= $1,482.60

Total Interest
affordability
Affordability
  • I cannot afford the new car, but I can afford the used car.
  • I am not surprised because new car payments are usually more than $300 if you are going to pay it off in only 5 years; however used cars are usually more affordable
sources
Sources
  • New Car
    • http://www.autoweb.com/content/research/vir/index.cfm/vehicle_number_int/1025139/action/summary
  • Used Car
    • http://usedcars.kbb.com/fyc_b/vdp.jsp?ct=u&car_id=254868592&dealer_id=57948223&car_year=2003&model=SANTAFE&num_records=25&body_code=0&awsp=false&search_type=used&distance=25&search_lang=en&make=HYUND&default_sort=priceDESC&style_flag=1&LNX=KBBATVALFYCSRP&sort_type=priceDESC&address=61761&cardist=4
  • Interest Rates
    • https://www.cefcu.com/about/rates.php#vehicle