Car Calculations Worksheet \begin{tabular}{|c|c|c|} \hline Directions & Descriptions and work space & \begin{tabular}{l} Fill this column with \\ your numbers. \end{tabular} \\ \hline#1 & \begin{tabular}{l} Record your Car's Make, Model and Year: \\ Make: \\ Model: \\ Year: \end{tabular} & List price of Car: \\ \hline#2 & Down payment: (10\%) & \\ \hline#3 & N.C. Highway Use Fee: ( 3% of list price) & \\ \hline#4 & Total amount to be financed: & \\ \hline & \begin{tabular}{l} Interest rate: __ and length of loan: \\ Source: \end{tabular} & Leave Blank \\ \hline#6 & Monthly Payment: & Yearly amount: \\ \hline#7 & Insurance costs (yearly): & \\ \hline#8 & \begin{tabular}{|l|l|} Department of Motor Vehicles fee (yearly): \end{tabular} & \\ \hline#9 & Total maintenance costs (yearly): & \\ \hline#10 & Fuel costs (yearly): & \\ \hline \# 11 & County taxes (yearly): & \\ \hline#12 & \begin{tabular}{|l|l|} City taxes (yearly): \\ \end{tabular} & \\ \hline#13 & \begin{tabular}{l} Yearly Total: \\ (the sum of yearly payments, insurance, DMV fee, \\ maintenance, fuel, and taxes) \end{tabular} & \\ \hline#14 & \begin{tabular}{l} Grand Total (over entire length of loan): \\ (Yearly Total *\# years of loan, plus down payment) \end{tabular} & \\ \hline \end{tabular} 15. If you have a job making $12.00 an hour, how many hours do you need to work per month just to pay your car expenses? How many hours do you need to work per week to pay your car expenses (assuming there are 4 weeks per month)? Make sure to answer both questions. (Hint: To calculate your car expenses, divide your Yearly Total by 12) Show your work. 16. How many hours do you need to work per month and per week if you make $15.00 an hour? Show your work. 17. Find the total installment price (sum of all the monthly payments and the down payment) and the finance charge (difference between the total installment price and the list price) for the loan of your car. Discuss what these numbers mean in relation to the list price and the loan. What does the total installment price represent? Is it greater or less than the list price? What does the finance charge represent? Is it better for a smaller or larger finance charge? Your response should be at least 6 sentences. Total installment Price: Finance Charge: 18. Complete the chart for the yearly cost of the car. In the space below write the Yearly Total and the cost of the car over the life of the loan (Grand Total). Based on your calculations do these figures make sense? Discuss whether these numbers are higher or lower than you expected and whether you personally would be able to afford this vehicle. Make sure you consider and discuss other life expenses. All verbal responses must be in complete sentences. Your response should be at least 6 sentences. Yearly Total: Grand Total: 19. Review your answers from number 15 and 16. Based upon the information from your car calculations, would an individual be able to afford this car if they earned $12 per hour or $15 per hour? Give details to justify your reasoning and discuss your options. Make sure you consider and discuss other life expenses. All verbal responses must be in complete sentences. Your response should be at least 6 sentences
