WebQuest

Monthly Budget and Operating Costs

Objective: You will develop a budget for personal expenses and car-related expenses to determine if you are able to afford a car.

1. Complete your Personal Monthly Budget. Write down all expenses you incur in a month. For example, snacks, entertainment, meals, gas, insurance, cell phone, and any other bills you incur and pay for with your paycheck and/or allowance.

2. After you calculate your Total Expenses, do you have enough money to afford a car payment? Use the standard interest rates below along with the  http://www.onlineloancalculator.org/ to determine if you can afford a car payment. Then go on to the next step below.

 Used                                              STANDARD                                                   APR NewSTANDARD APR 24 Months:                          5.50% 5.19% 36 Months:                          5.60% 5.35% 48 Months:                          5.65% 5.4% 60 Months:                         5.69% 5.5% 66 Months: 5.75% 72 Months: 5.75% 84 Months: New Only Minimum amount financed \$25,000 7.75%

A. If your vehicle is 2009 or newer: Go to Edmunds.com True Cost to Own and enter the information for the vehicle you have chosen. Print a copy of the results showing the 5 Year Details. Circle/highlight the 5 Yr Total True Cost to Own your chosen vehicle.

or

B. If your vehicle is a 2008 or older: Go to MoneyZine.com and enter the information in the Buying a New or Used Car Calculator. Print a copy of the results showing the 5 Year Details. Circle/highlight the Total Cost of Ownership of your chosen vehicle.

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