When a vehicle is purchased and financed through the dealership, a simple interest contract is typically offered to finance the balance. Find an automobile to purchase and include a picture/screenshot of the vehicle along with the purchase/advertised price. I have set a maximum price of $60,000 on the desired auto.

Purchase / Advertised Price =

To cover tax, licensing, and document fees add 10% to the above number =

Down Payment, used to lower the amount borrowed, no more than half the above=

Amount of money borrowed =

Use the following numbers to finance the vehicle: Time: 6 years ( 72 months ) Rate: 2.25% Simple interests. Show work: =(1+)

Calculate the amount owed back to the lender =

How much in interest will you pay to finance the car =

Divide the amount owed to the lender by the number of months to get your Payment

Car Payment =