Car Project Math Finance

Salary and Car Budget Annual Salary: $XX,XXX.XX Yearly Car Budget: $X,XXX.XX (Your yearly car budget is 25% of your yearly salary.)

Car Info Price: $X,XXX.XX Make: XXXXX Model: XXXX Year: XXXX Series: Fuel Economy: XX mpg Features:XXXXX Location: (Name of dealership or private party.) If fuel economy is not listed, look up on web at (Choose Find A Car, then choose Search By Make).

Finance Price: $X,XXX APR: X.XX% Finance Charge: $XXX.XX Total Cost: $X,XXX.XX Monthly Payment: $XXX.XX

Finance NOTE: Your APR will be 3.99% New Auto Purchase (Dealer) 4.71% Used Auto Purchase (Dealer) 5.58% Used Auto Purchase (Private Party) Formula: A=amount of money borrowed N=total number of payments APR=annual percentage rate P=number of payments per year Finance Charge = A(N+1)(APR)/(2*P)=

Insurance Cost: $1, Coverage Type: 25/50/25

Tax & Tag Tag: $XX.XX Title: $XX.XX Ad Valorem Tax: $XX.XX Mail Fee: $X.XX

Tax & Tag To find the cost of the tag, title, and mail fee… Go to dor.ga.gov Click on Motor Vehicles (has license tag beside it) Click on Registration button Click plus sign beside License Plate/Vehicle Registration Click on How much will it cost me to register…in GA? Record the tag, title, and mail fee on the Tax & Tag slide.

Tax & Tag To find the cost of the ad valorem tax… From the How much will it cost me to register…in GA? screen: Click Motor Vehicle Ad Valorem Assessment Click on Open Search Page Enter tax year 2012 and info about your car. Use Cherokee County Copy the ad valorem tax amount onto the Tax & Tag slide.

Fuel Miles from home to work: XX miles Distance you drive in a year: XX,XXX miles Fuel Economy of Car: XX mpg Price of gas: $3.70/gallon Cost of gas during year: $X,XXX.XX

Fuel To calculate the number of miles per year, first calculate how many miles you drive per day. For this project, we will assume that we drive to work 5 times a week. And we work 50 weeks per year. (We have two weeks of vacation time.) Price of gas: $3.70/gallon Use the Fuel Economy of your car from Car slide.

Maintenance Distance you drive in a year: XX,XXX miles Number of oil changes in year: X Cost of oil changes in a year: $XXX General cost of maintenance: $X,XXX

Maintenance Distance you drive in a year: XX,XXX miles Number of oil changes in year: X (You should get your oil changed every 3,000 miles.) The cost of an oil change is $30. General cost of maintenance: $1,000

Expenses DescriptionCost Monthly Payments$1, Tag$20.00 Mail Fee$1.00 Title Fee$18.00 Ad Valorem$33.56 Emissions Test$25.00 Insurance$ Gas (for year)$ Oil Changes$ Tune-ups and other maintenance$1, Total$ Yearly Car Budget = $X,XXX.XX

Expenses DescriptionCost Monthly Payments$X,XXX.XX Tag$XX.XX Mail Fee$X.XX Title Fee$XX.XX Ad Valorem$XX.XX Emissions Test$XX.XX Insurance$X,XXX.XX Gas (for year)$X,XXX.XX Oil Changes$XXX.XX Tune-ups and other maintenance$X,XXX.XX Total$X,XXX.XX Yearly Car Budget = $X,XXX.XX