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Purchasing a Car: wants to buy a new car so they do not have to share the Sonic. has narrowed her choice to a new Lexus RX350. She wants your recommendations on buying new or used. In your presentation you need to present options available in between new and used models no older than 2018 and fewer than 40,000 miles. Latoya and Sam have the following options for buying new: 2022 Lexus RX350 F Sport Final price (including taxes and fees): $64,581 Term in Months Down Payment Interest Rate Toyota Motor Credit Options 48 10% 1.49% Term in Months Cash Allowance Down Payment Interest Rate Monthly Payment Total Interest Paid Total Cost after Cash Allowance 60 10% 1.99% Monthly Payment Total Interest Paid Total Cost Or she can take a $7,000 Cash Allowance and use the Credit Union PenFed Credit Union Financing 48 $7,000 5%* 2.49% Options 60 $7,000 5%* 3.24% 72 10% 2.49% 72 $7,000 5%* 3.49% Auto Questions: Which option is the least costly? Most costly? If they pay off the Sonic, how much could they swing in car payments? Which option would you recommend based on your answer? What options does Latoya have in the used car market? Should Latoya finance at PenFed or at the Dealership with Toyota Financing? What other costs might change with a new vehicle? Purchasing a House: the are ready to purchase their first home ir . They contracted with a seller where the final price on the home is $286,950. Calculate the following and make your recommendations: New Home purchases: $286,950 (final cost) New Home Financing - Conventional 7% down Term in Years Down Payment APR (including fees) Monthly Payment (without PMI) Monthly Payment (with PMI) Total Interest Paid Monthly PMI (0.75% paid for 1/3 of the loan) Total PMI Paid Total Interest and PMI paid Total Payments Total Cost New Home Financing - Conventional 20% down Term Years Down Payment APR (including fees) Monthly Payment (without PMI) Monthly Payment (with PMI) Total Interest Paid Monthly PMI Total PMI Paid Total Interest and PMI paid Total Payments Total Cost 15 7% 4.375% Monthly Payment (with MIP) Total Interest Paid Monthly MIP (1% paid for all of the loan) Total MIP Paid Total Interest and MIP paid Total Payments Total Cost 15 20% 4.25% New Home Financing - FHA 3.5% down Term in Years 15 Down Payment 3.5% APR (including fees) 4.50% Monthly Payment (without MIP) 30 7% 5.25% 30 20% 5.00% 30 3.5% 5.75% House Questions: Given their house savings balance and their current house savings rate assuming 2% interest rate compounded monthly, how many months (round up) will it take the to save for the 20% down payment? Which loan costs the most? Which is the least costly? Which loan has the lowest payment? Which do you recommend? Is there anything else they might want to save cash for that goes along with buying a new house? Purchasing a Car: wants to buy a new car so they do not have to share the Sonic. has narrowed her choice to a new Lexus RX350. She wants your recommendations on buying new or used. In your presentation you need to present options available in between new and used models no older than 2018 and fewer than 40,000 miles. Latoya and Sam have the following options for buying new: 2022 Lexus RX350 F Sport Final price (including taxes and fees): $64,581 Term in Months Down Payment Interest Rate Toyota Motor Credit Options 48 10% 1.49% Term in Months Cash Allowance Down Payment Interest Rate Monthly Payment Total Interest Paid Total Cost after Cash Allowance 60 10% 1.99% Monthly Payment Total Interest Paid Total Cost Or she can take a $7,000 Cash Allowance and use the Credit Union PenFed Credit Union Financing 48 $7,000 5%* 2.49% Options 60 $7,000 5%* 3.24% 72 10% 2.49% 72 $7,000 5%* 3.49% Auto Questions: Which option is the least costly? Most costly? If they pay off the Sonic, how much could they swing in car payments? Which option would you recommend based on your answer? What options does Latoya have in the used car market? Should Latoya finance at PenFed or at the Dealership with Toyota Financing? What other costs might change with a new vehicle? Purchasing a House: the are ready to purchase their first home ir . They contracted with a seller where the final price on the home is $286,950. Calculate the following and make your recommendations: New Home purchases: $286,950 (final cost) New Home Financing - Conventional 7% down Term in Years Down Payment APR (including fees) Monthly Payment (without PMI) Monthly Payment (with PMI) Total Interest Paid Monthly PMI (0.75% paid for 1/3 of the loan) Total PMI Paid Total Interest and PMI paid Total Payments Total Cost New Home Financing - Conventional 20% down Term Years Down Payment APR (including fees) Monthly Payment (without PMI) Monthly Payment (with PMI) Total Interest Paid Monthly PMI Total PMI Paid Total Interest and PMI paid Total Payments Total Cost 15 7% 4.375% Monthly Payment (with MIP) Total Interest Paid Monthly MIP (1% paid for all of the loan) Total MIP Paid Total Interest and MIP paid Total Payments Total Cost 15 20% 4.25% New Home Financing - FHA 3.5% down Term in Years 15 Down Payment 3.5% APR (including fees) 4.50% Monthly Payment (without MIP) 30 7% 5.25% 30 20% 5.00% 30 3.5% 5.75% House Questions: Given their house savings balance and their current house savings rate assuming 2% interest rate compounded monthly, how many months (round up) will it take the to save for the 20% down payment? Which loan costs the most? Which is the least costly? Which loan has the lowest payment? Which do you recommend? Is there anything else they might want to save cash for that goes along with buying a new house
