Many college students or new graduates are faced with one of their first "big ticket purchases" of buying a car. One of the first decisions you have to make when looking to purchase a car is to determine if you want to buy a new or used car. This assignment will help you to start thinking about the pros and cons of each.

Comparing a 2023 Honda CR-V EX-L to a 2018 used Honda CR-V EX-L, answer the following:

1. What car did you decide to look up for this (A Honda CR-V EX-L)

2. What was the price of the NEW car (2023 Honda CR-V EX-L)? $36,555

3. What was the price of the USED car (2018 Honda CR-V EX-L)? $27,995

4. Assuming you could not put anything towards a down payment (the total car price is your PV), what would your monthly payments be for both the new and used car with a 4% interest rate over a 36 month loan?

5. Based on the difference in payment amounts, would you choose to buy the new or used car and why? (3-4 sentence reflection)