Project 2: Financing a Car and a House Name(s) 1. Directions: for the following loans, research 3 banks and calculate the cost of loan (interest) if you choose to go with their bank. Some good bank websites are: Commonwealth Credit Union, Park Federal Credit Union, Chase Bank, PNC Bank, 5/3 Bank. You may search others as well Look for the interest rate on loans and terms (length of loan) if possible. Calculate three options (different interest rates) in the table below for 3 banks. We are comparing how the time will affect the Total Cost of each loan a) You are planning on borrowing money from a bank to purchase a car. You havie located the car and the cost is a 2006 year model which is priced at $4,250. You have saved $500 and are paying that down on the car Bank Number 1 Principal Rate Time Interest Total Cost 60 months 48 months 72 months Bank Number 2 Principal Rate Time Interest Total Cost 60 months 48 months 72 months Bank Number 3 Principal Rate Time Interest Total Cost 60 months 48 months 72 months b) Looking at the above information: choose a loan and explain why you would choose that loan over the others Project 2: Financing a Car and a House Name(s) 1. Directions: for the following loans, research 3 banks and calculate the cost of loan (interest) if you choose to go with their bank. Some good bank websites are: Commonwealth Credit Union, Park Federal Credit Union, Chase Bank, PNC Bank, 5/3 Bank. You may search others as well Look for the interest rate on loans and terms (length of loan) if possible. Calculate three options (different interest rates) in the table below for 3 banks. We are comparing how the time will affect the Total Cost of each loan a) You are planning on borrowing money from a bank to purchase a car. You havie located the car and the cost is a 2006 year model which is priced at $4,250. You have saved $500 and are paying that down on the car Bank Number 1 Principal Rate Time Interest Total Cost 60 months 48 months 72 months Bank Number 2 Principal Rate Time Interest Total Cost 60 months 48 months 72 months Bank Number 3 Principal Rate Time Interest Total Cost 60 months 48 months 72 months b) Looking at the above information: choose a loan and explain why you would choose that loan over the others