Interactive Auto Loan Calculator | Answer Key - Edubirdie

University:
Appalachian State University
Course:
FIN 5500 | Independent Study
Academic year:

2022
Views:

86

Pages:

1
Author:

Lance Gutierrez

Interactive Auto Loan Calculator Auto loans are amortized installment loans, so once the terms of your loan are set, your payments should stay the same month after month. Assume you are taking a $20,000 car loan, for a term of 48 months, with an interest rate of 4%. Use this calculator to answer the following questions. Auto Loan Calculator 1. What is your estimated monthly payment? $452 2. Experiment with the values in the calculator to complete the chart. Color or highlight the word up or down to indicate how the Action impacts the Monthly Payment and Total Cost of the Car Loan. Action Increase the amount of down payment Secure a lower APR Extend the term of your loan Pay more than the minimum monthly bill Monthly Payment Total Cost of the Car Loan Up Up Down Down Up Up Down Down Up Up Down Down Up Up Down Down 3. What are two reasons someone might purposely choose a HIGHER monthly payment? Less interest, and quicker pay off

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