# (MSRP) Model: 2016 Ferrari 488 Spider Price :\$276,450 Part III: \$\$ Your Financing Options \$\$ In…

(MSRP: Model: 2016 Ferrari Ferrari 488 Spider

Price: \$276,000450

Part III: \$\$ Financing Options \$\$

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Interest rate when financing a vehicle.

Let’s say you are unable to put a down payment on a car and you
You had to finance 100% of the cost. The MSRP price of the car is taken from part
1).

Go to https://calculator.me/vehicle/

Please enter the price of your vehicle (which will be the amount total for the loan).
The interest rate and loan terms for the number of years. Other
Limit values to zero

(12 points) To calculate your monthly payment, use the Calculator
If you wanted to be a successful entrepreneur, 10% By filling out the
See the following table. It was for 60 Months (5years), 48 Months (4 years).
36 Months (3 Years), 24 Months (2 Years) and 12 Months ( 1
year).

 Monthly payment/Loan Term Monthly payment (for a 10% interest-rate) The total interest payable after the term for the loan is 10 percent Interest Monthly payment For a 6% Interest Rate The total amount of interest that was paid over the life of the loan at 6% Interest 60 months/\$5,036.00 48 months/\$6,174.24 36 months/\$8,073.33 24 months/\$11,874.54 12 months/\$23,284.24

(3) How do the monthly payments change depending on what you are paying?
The loan term

(3 points) What is the effect of a function on total interest?
What is the term of your loan?

(3) Does having a lower interest rates pay off? Why,
Use numbers in the table to illustrate and then calculate.
Actual savings on interest over the loan term you choose

Part IV: Excel Modeling

Imagine that you have decided to buy a brand new car for \$ 30.000. Let’s say that you decide to buy a new car for \$ 30000.
If you don’t have the money for down payments, you can finance it.
The total amount. You have several financing options available to you.
You can do this through your local bank. You have the option to finance the vehicle through the bank.
Over 12 months.

Unfortunately, the interest rates were quite high.
10%. Table below displays the amount of interest that was earned after the term.

 The total amount of interest that was paid after the term has ended 0 \$ 1649.72 \$3224.35 \$4848.56 \$6522.12 8244.68 The term of the loan 0 12-months 24-months 36 Months 48 months 60 Months

(a) (3 Points) Graph the interest total as a function
Excel is the Excel term for the loan.

(b), (3 points) Choose the linear function which best matches the total
Interest paid will depend on the length of the loan.

(3 points)
You paid interest for 30 months after purchasing the vehicle.

Part V: Reflection

(10 points). John your friend plans to finance car. He is
He is unsure of his finances but believes he can afford \$15,000.
His monthly income is \$1500 and he has \$2,000 left to deposit.
Do you have any suggestions for him? Please write John a 200-300 word letter advising
His thoughts on the amount he should invest in a car and on what interest rate.
should determine what monthly income he can afford.
REFER TO TABLE AND CLASS DISCOVERY and the Rubric
below.

paragraph:

Write a cohesive paragraph.

Mention the sum John must finance.

Calculate how much John has the monthly budget to spend on his car
Monthly payment

Give John several examples: choose two different interest rates
For each interest rate that you select, make the monthly payment.
Two different terms for loans (three years and five years respectively ..).). Don’t
Do not forget the calculator that we learned in class

Remember what you’ve learned about the tables from your
Conclusion, as an example: For example, the longer the loan term is the higher the interest
you’ll end up paying the bank.

John is your true friend, so don’t forget that!

Reading: How to finance a car and get a car
Lending

http://usnews.rankingsandreviews.com/cars-trucks/How-to-Finance-a-Car/(accessed
March 18 2012) By Jamie Page Deaton

Let’s face it, most people have no intention of buying a brand new car.
Get your car today. People are no longer able to afford new cars due to the Great Recession.
minds. However, there are some fantastic options if your car is truly in need of a change.
Incentives and discounts The credit market is still very tight.
Problem most people face is securing the funding to make it happen.
Take a look at these deals.

It can be difficult to finance a car even if the credit market is strong. Get started now
Credit market conditions are tight. It’s time for buyers to go back to the basics.
lenders. Below are some basic information about financing a car.
Make sure that you secure the right car loan to finance your new vehicle.

These are the Basics of Car Loans

A car loan is simply borrowing money to purchase it.
You probably don’t know how to borrow money. Everybody has borrowed at least \$10
Refer friends. The amount that you borrow is determined by the lender.
This is the principle of loan. The basic idea of the loan principle is still
When it comes to paying off the loan, borrowing money is identical for car financing.
Things get complicated when you need to repay the loan.

Your friends won’t get to know you if they don’t love you.
You will be charged interest for money borrowed. Professional lenders will not charge you interest.
will. The bank won’t be your friend.
It is a good person. You need to provide financial incentives. This is what you need.
The lender gets interest: A financial incentive to lend
money.

You will pay interest when you get a loan to buy a vehicle.
Rate — The percentage you are required to pay back on a loan.
Addition to original loan amount. If you borrowed \$20,000,
If you buy a car with a 5 percent rate of interest, the final cost will be \$55.
Bank \$21,000 for the term of the loan — this is the principle.
The interest.

The Car Loan Term

Simply put, the term of the loan or the life of the loan refers only to the amount.
total amount you must pay back to the lender. You can sign up for an account to get a
Five-year contract, within five years you will pay back the money and get it back.
You own the car clear and free. What is the term of your loan? doesn’t
That means you have to think about how much money you can come up with in five years.
The money. Auto loans almost always get repaid every month.
installments. Each month, you send a fixed amount to the lender
Slowly pay the loan off

Many people believe that financing a vehicle is the same as buying it.
Company lends money to you and your car becomes yours. This is a very simple process.
It is a different way to look at it. The lender actually buys the property.
the car, and you are allowed to use it. Legally the lender is responsible for driving the car.
You agree, however, to take responsibility for the consequences. Actually, it won’t be your responsibility.
The title of the car will remain until the final payment on your loan. Miss
Lender repossessing the vehicle and making loan payments Each payment you
While you get a slightly more expensive car than you actually own, you can still make a purchase.
The loan must be repaid before it can be used again.

You know what the basics are, but you may be wondering how to do it?
It is possible to finance a car incorrectly. There are many ways to finance a car, believe it or not.
Many options.

There are many interest rates. Some people get
Some get charged lower interest and others are charged higher. You will be charged more interest, and some get less.
You would like to be charged less. Based on the interest rates charged by lenders,
Your credit score is a key factor in your ability to get financing.
Based on your other debt and how well you are doing.
About paying your bills on time. The score is used by lenders to determine how timely you pay your bills.
Probably you will pay them back. They’ll not pay you back if your score is too low.
You think that you won’t be able to pay the auto loan off and will charge more
Money to pay for this risk

Credit scores for young people are often lower than those of older generations.
even if the person has been very good at paying off debts and staying in control of their finances
Their bills. This is because they don’t have much credit.
Lenders are unable to determine how much of a history has been recorded.
A risk they pose. People with short credit histories are at greater risk.
You may also be subject to higher interest rates

It should be high. It’s possible to get it done for a very small amount.
Equifax, Experian and TransUnion. Your score may not be as high as you would like.
You’d prefer, you can pay off any old debts (like credit card debt), and also paying your bills.
All bills paid on time, the full amount due and not only the minimum.
Six to nine month should be enough for your credit score to increase and the interest rate to drop
down.

Apply, Apply and Apply

So you wouldn’t apply for just one job, or even one college.
For a car loan, you shouldn’t just apply to one lender. Reach out to your
Banks, credit unions in your area and other lenders can help you find the right lender for you.
they’re offering. The loan application form will need to be filled out.
They will want to see your job history, income, and any debts.
Be careful not to understate your income, or overstate it.
expenses. All information you provide on your loan application will be
You will be charged with serious consequences if you lie or are verified. The lender
We will check your credit rating and pull your credit report to get you a loan
Based on this information, we can offer you a product or service.

You should take the time to review all of these offers. Look beyond the offers.
Do not accept interest rates that are too high. Also,
Be aware of loans with a prepayment penalty.
That you will owe when you repay the loan early. Paying off the loan
You might not have time to wait, but it is possible.
You inherit the fortune of Aunt Maybel, a long-lost relative.
You could be saving a lot of cash and don’t have to spend more.
do it.

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