Do research to find a car that is right for you. In this project you will find a car, calculate how much the car will cost and choose a financing option for the car. Choose a realistic car that you may want to purchase in the near future. The cars that you select could be new or used but no luxury sports cars or cars over $100,000. Round all dollar amounts to the nearest cent. Show all your work to earn full credit. Part 1: Find a Car 1. Research a few types of cars that fit your needs. Be REALISTIC in your car purchase. Choose TWO cars to analyze. Attach a copy of the dealer information for each car and complete the table below. Part 2: Cost of a Car 1. Sales tax: When you purchase something you must pay sales tax. Currently, Texas requires you to pay 8.25% in sales tax. Calculate the sales tax for each car that you chose. Write the total amount of sales tax in the box below and round to the nearest cent. SHOW YOUR WORK!!! 2. Down Payment: Let's say you want to put 20% of the sale price as a down payment. Calculate how much money you would need for a down payment. Use the price of the car from the first page as the sale price. SHOW YOUR WORK!!! 3. The average registration fee in Texas is $94 dollars. Calculate the amount you would need to finance the car. Use $50 as S&H fees from the dealership. Assume that we are not trading in our current car. 4. Suppose that you drive, on average, 15,000 miles per year. In Texas, gas prices right now are averaging $2.62 per gallon. What is the annual fuel expense for each car? Round your answer to the nearest cent. SHOW YOUR WORK! Part 3: Financing Using the following table, choose two options to compare each car. Use the same two options for each car. 2.9%for36monthsAPRFinancing3.9% for 48 months 4.9% for 60 months 6.9% for 72 months 1. For each choice: calculate your monthly payment, the sum of the monthly payments, and the finance charge. Organize your information in the table. Use the TVM Solver on your TI-84 to help you. 2. Create an amortization schedule for the first 3 months of your car loan. Use the lowest monthly payment from above in your calculation (Loan Option 1 or Loan Option 2). Round to the nearest cent. Show your work! \begin{tabular}{|c|l|} \hline Car 2 & Monthly Pmt: \\ \hline \end{tabular} Interest: Loan Amt: 3. Another option is to wait to buy the car and instead put money into a savings account to pay for the car in cash. If you took the monthly payment that you are paying into the car loans calculated above (Part 3 , #1) and instead invested that money each month into a savings account that earned 1.9% interest compounded monthly. How long would you need to wait to buy each car? Use the lowest monthly payment from above in your calculation (Loan Option 1 or Loan Option 2). Use the TVM Solver on the TI-84 to help you. Part 4: Decisions 3. Another option is to wait to buy the car and instead put money into a savings account to pay for the car in cash. If you took the monthly payment that you are paying into the car loans calculated above (Part 3 , #1) and instead invested that money each month into a savings account that earned 1.9% interest compounded monthly. How long would you need to wait to buy each car? Use the lowest monthly payment from above in your calculation (Loan Option 1 or Loan Option 2). Use the TVM Solver on the TI-84 to help you. Part 4: Decisions What is your decision? If you decide to buy a car and have to choose between the two cars that you have been looking at, which one would you choose to buy and why? Be sure to write complete sentenrac that domarihe your reasoning