3.12 Buying a Vehicle for the Future

Select all correct statements.

• Buying a car is usually more expensive than buying a house.

• Buying a car is usually less expensive than buying a house.

• Personal preference will affect which car you buy.

• Lifestyle will affect which car you buy.

• Financial considerations will affect which car you buy.

Tags

CCSS.RI.8.2

CCSS.RL.11-12.2

CCSS.RL.7.2

CCSS.RL.8.1

CCSS.RL.9-10.2

Financing a car means:

• Paying for a car in cash
• Renting a car for a short period of time
• Selling a car to buy a new one
• Obtaining a loan to purchase a vehicle

Malcolm is ready to buy his first car. He has saved a down payment of $3000 and will finance the rest. The maximum monthly payment he can afford is $375. The interest rate on a 36-month car loan is 5% compounded monthly. How large of a car loan can he afford?

• $5,294.47

• $12,511.39

• $17,385.48

• $15,511.39

What does MSRP stand for?

• Manufacturer's Suggested Retail Price
• Maximum Suggested Retail Price
• Minimum Suggested Retail Price
• Manufacturer's Suggested Roaming Price

Select all correct answers.

What can be some additional costs associated with purchasing a vehicle?

• Freight Charge

• Rims & Tires

• Administration Fee

• Lisence Plate Fee

• Customer Fee

True or False?
The price you pay for a vehicle will always be the MSRP.

• True

• False

Tags

CCSS.6.EE.B.6