This assignment meets the General Education Program Objectives: Make Connections and Problem Solving.Suppose that you are shopping for a new vehicle. You are going to research the cost of the new...

This assignment meets the General Education Program Objectives: Make Connections and Problem Solving.

Suppose that you are shopping for a new vehicle. You are going to research the cost of the new vehicle as well as the cost of ownership. You will be submitting this assignment in Blackboard under the Signature Assignment link.

Your document should contain the following:

• Your name, the name of your instructor, and the course title with section number
• The details of the vehicle you are purchasing: At a minimum, these details should include:
• The year, make, and model of the vehicle
• The dealership where you will buy your vehicle
• The dealership’s price for the vehicle
• The fuel economy of the vehicle
• How much you plan to put down as a down payment up to 25% of the cost of the vehicle
• A description of the loan that would be required to purchase this vehicle. This should include:
• Amount financed
• Duration of loan = 5 years
• Interest rate based on good to excellent credit. You may get this information by using online loan calculators or you may call a dealership and ask them. You will need to cite your sources.
• Monthly payment for the vehicle. You must show your work for this calculation.
• A description of a different loan that would be required to purchase this vehicle assuming that the credit rating changes to fair/poor and the duration for the loan changes to 6 years. This should include:
• Interest rate based on poor to fair credit. You will need to cite your sources.
• Monthly payment for the vehicle. You must show your work for this calculation.
• How much money has been paid on the loan at the end of 6 years. How much interest was paid?
• Using the fuel economy for your particular vehicle, calculate the cost of ownership. Show all work for this calculation. You may assume the following:
• You drive 12,000 miles a year
• You need three oil changes per year (cite your sources for cost)
• If you choose an EV, use the cost of adding a charging station to your home as a substitute for oil changes.
• Gas prices stay where they are right now (cite your sources for current prices)
• Pretend that you were given a device that would increase the fuel economy of your vehicle by 5 miles per gallon. How much does this change your cost of ownership?
• Comment on your findings. Do credit score or fuel economy have significant impact on the cost of purchasing or owning a car or is the different insignificant? Is there anything in this exercise that is new information or relevant to your life?

Expectations:

• Submission in Blackboard as electronic file – Word, PDF, Power Point are all acceptable. If you would like to make a submission in a different format, please check with your instructor.
• Submission is coherently presented and uses full sentences in narrative.
• Submission contains all mathematical work. This can either be typed or be inserted into the file as a picture of hand-written work. If hand-written, it must be very neatly done.
• This submission is due Friday November 4, 2022 by 11:59PM MDT.
• This assignment will be graded on clarity/neatness, mathematical accuracy, and completeness.