Real World Math
Shop online for your first car. It could be your dream car (if you’ve already made it big with your own Internet company) or it could be a practical car that will get good gas mileage. You need a purchase price. Here are some suggestions:
www.kbb.com www.edmunds.com www.doncannonmotors.com
Use the online calculator at
to figure your payments. The current average interest rate is ______%. Figure the loan for 3 years.
?
My car is a ___________________________________________________.
?
The price of my car is
__________________________________________.
I will have to pay _________________________ each month for ________ years.
The total I will pay is _____________. The total amount of interest is _________.
If you work after school you’ll probably make ___________________ per hour.
How many hours would you have to work each week just to make your car payment?
__________ hours per week
Do you have any money left over for insurance and gas?
Experiment with the payment calculator to see what difference a lower or higher interest rate would make. Try changing the length to 5 years instead of 3.
©Mrs. Cannon 2003