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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 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 Down installment of $1000.00 Car credit is $272,845.00 Monthly Payment Formula R=P[(1-(1+i)^-n)/i]^-1 When connected to the equation the regularly scheduled installment isâ¦. $5,147.67 P= 272,845 i= .0499/12 n= (12)(5)

Used Monthly Payments Car is $9,895.00 Down Payment is $1,000.00 Car credit is $8,895.00 Monthly Payment Formula R=P[(1-(1+i)^-n)/i]^-1 When connected to the equation the regularly scheduled installment isâ¦. $172.96 P= 8,895 i= .0624/12 n= (12)(5)

Amortization Table

Amortization Explanation Amount paid to intrigue Used mathematical statement I=prt P= (past remaining parity) r= (.0624) which is interest rate in decimal structure t= (1/12) one month is 1/12 of a year and t is in years Amount paid to important Took regularly scheduled installment less the sum paid to enthusiasm to get the sum paid to primary Remaining parity Took the past remaining equalization short the sum paid to chief to get the new remaining parity After 10 installments, I would at present owe $7,597.89 on my utilized auto advance

New Car Used the equation: Total Interest=(monthly payment)(# of months paying)- sum obtained Total Interest= (5147.67)(60)- 272,845 Total Interest paid= $36,015.20 Used Car Used the recipe: Total Interest=(monthly payment)(# of months paying)- sum acquired Total Interest= (172.96)(60)- 8,895 Total Interest Paid= $1,482.60 Total Interest

Affordability I can't bear the cost of the new auto, yet I can manage the cost of the utilized auto. I am not amazed on the grounds that new auto installments are typically more than $300 on the off chance that you are going to pay it off in just 5 years; however utilized autos are generally more moderate

Sources New Car http://www.autoweb.com/substance/research/vir/index.cfm/vehicle_number_int/1025139/activity/synopsis 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

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