Question

You are going to purchase a new car, but being a responsible consumer means doing a little bit of research first.
1. First, find the vehicle you are purchasing and its price.
Vehicle:
Price:
2. You will take out a loan to cover the cost of your purchase. Find the current interest rate of an auto loan. Interest rates on car loans tend to be monthly.
Current interest rate:
3. It is also good to have an understanding of the market. Do a little research and find an article that talks about the interest rates on auto loans. You are looking for a reliable source that discuss whether the rate

Answer 1

are increasing or decreasing. Fill out the information for your researched article. (You need only one source.)
Internet Resource
Author(s)(if available):
Name of Site:
Name of institution/organization affiliated with the site:
Date of resource creation (if available):
Date you accessed site:
URL:
Magazine or Print Resource
Author(s):
Title of Article:
Title of Periodical:
Published Date:
4. Write a five-sentence summary of the article you selected.
5. Using the function
, create the function that represents your new car loan. The principle will be the price of the vehicle you selected, not how much you are putting down.
6. Use your function to determine how much you will owe the bank in five years. This is assuming you are not paying down your loan, so do not get scared! Show all of your work.
7. Again, we are assuming that you are not paying down your loan, and the bank's interest keeps piling on. Being a smart financial planner, you want to figure out how many months it will be until you owe the bank an amount of $100,000.00. Solve for t and show all of your work.