The vehicle costs $30,000

Purchasing a Vehicle Been dreaming of a new car or truck? Many factors go into this decision, but the cost is often one of the most important. There are a variety of ways in which a car loan can be structured. For this assignment, you will first, choose a car or truck, then build and price a model with varying terms and interest rates. Finally, you will summarize the calculations for each option and write a conclusion about which vehicle-purchasing option is best for you. Remember that this assignment is hypothetical and unique to you. There is no wrong choice, so relax and have fun. 1. Find a car online. Save the advertisement and submit it with your paper. 2. The list price of the car is the purchase price (i.e., no negotiations). 3. Calculate the monthly payment for the vehicle using each of the four financing options provided below. Summarize your calculations, which option would you choose? Explain how this choice will benefit you financially in the future. Option 1 Option 2 Option 3 Option 4 The loan is for The loan is for 5 The loan is for 4 The loan is for 3 7 years (84 months) years (60 months) years (48 months) years (36 months) with an interest rate and the interest rate is and the interest rate is and the interest rate is of 3.9% compounded 4% compounded 3.5% compounded 3.39% compounded annually. daily (365 days). quarterly. continuously. You put down a $3,000 deposit. Bonus: A financial expert suggests that your car payment be no more than one-fifth of your take-home pay. Given the car you chose above, what annual salary would you need to make to comfortably afford the car