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Many people finance the purchase of a car with an auto loan, while others save money for the purchase and then pey cash Let's compare the total cost of the car by these two methods. We'll need to know the following amounts The cost of the car, the interest rate charged by the dealer or bank for financing the purchase of the car, and the number of years of financing. For the alternative method of saving before purchasing the car, we'll also have to know the interest rate that your savings can eam (usually less than the interest rate charged by the bank for loans), and how many years you will save before purchasing the car. In our applet below you can vary these entries to account for different scenarios Cost of car = $ 50000 Interest rate of the loan (annual % rate) = Number of years you will finance = Interest rate for savings account (annual % rate) = 13.0 Number of years you'll save before purchasing car = 3 Monthly loan payment = $ 828 84 Monthly saving amount = $ 1320 08 5.598624 Tota cost of loan - $ 471848 18 Total cost of savings) Adaltona cost 10 Finance = 6 118 16:21 3 Many people finance the purchase of a car with an auto loan, while others save money for the purchase and then pey cash Let's compare the total cost of the car by these two methods. We'll need to know the following amounts The cost of the car, the interest rate charged by the dealer or bank for financing the purchase of the car, and the number of years of financing. For the alternative method of saving before purchasing the car, we'll also have to know the interest rate that your savings can eam (usually less than the interest rate charged by the bank for loans), and how many years you will save before purchasing the car. In our applet below you can vary these entries to account for different scenarios Cost of car = $ 50000 Interest rate of the loan (annual % rate) = Number of years you will finance = Interest rate for savings account (annual % rate) = 13.0 Number of years you'll save before purchasing car = 3 Monthly loan payment = $ 828 84 Monthly saving amount = $ 1320 08 5.598624 Tota cost of loan - $ 471848 18 Total cost of savings) Adaltona cost 10 Finance = 6 118 16:21 3