It's My Life: Auto

This assignment was locked Mar 8, 2017 at 11:59pm.

You will begin by calculating how much you can afford to spend on transportation from your Monthly Budget Cap assignment

(Monthly Amount x 72 monthly payment)

Research various auto manufacturers for an automobile that fits in your budgeted price range

(don’t forget insurance and gas costs)

--Insurance: $85 per month

--Gas costs will be calculated as part of your Transportation budget

--The average cost of gas right now is $1.94

Compact: 10 gallon tank

Mid-size: 15 gallon tank

Truck or SUV: 20 gallon tank

you will put down 5% for a down payment
You will also be paying 3.45% Annual Interest Rate.
I want you to figure your monthly cost for your house for 2 different terms; 3 and 6 years
You will complete the calculations for the handout using the attached spreadsheet

**you will use the right side of the excel spreadsheet

**Calculate Interest Paid: Monthly Payment * Number of Payments- Loan Amount