Auto loans account for 9.2% of American consumer debt, and they are one of the most common debts in households after home mortgages and student loans. Understanding auto loan payments is an important part of your personal finances.

1. In this assignment, you have decided to purchase a vehicle. Find a vehicle that you would actual consider purchasing. Do research online and find a vehicle that you want to purchase. a. What is the cost of the vehicle? b. Is the vehicle new or used? (Consider that I would buy Mitsubishi L200 brand new)

2. Use the Bank of America Auto Loan Calculator to estimate the cost of monthly loan payments for the vehicle that you wan to purchase. a. What would the monthly payment be for a 48