4.3.1 Quizizz: Auto Loans

When most people purchase vehicle they rely on ​ (a)   to purchase them. When you get an ​ (b)   loan you will have to pay (c)   on the loan.

• financing
• interest
• auto
• fees
• credit cards
• registration

Tags

CCSS.RI.11-12.3

CCSS.RI.11-12.5

CCSS.RI.9-10.3

CCSS.RI.9-10.5

CCSS.RI.8.3

The interest on a auto loan is calculated ​ (a)   the ​ (b)   (Typically at least ​ (c)   of vehicle cost) is ​ (d)   the ​ (e)   cost of the vehicle.

• after
• Down Payment
• 10%
• subtracted
• original
• before
• Upfront Payment
• 5%
• added to
• final

Tags

CCSS.6.RP.A.3C

Although a shorter-term loan can lower the monthly payment, the total interest paid is higher, leading to a higher total cost for the car.

• True

• False

Someone with a ​ (a)   credit score usually gets the ​ (b)   attractive ​ (c)   offers on a car loan.

• high
• most
• interest rate
• low
• average
• best
• down payment
• monthly payment

Tags

CCSS.RI.11-12.3

CCSS.RI.11-12.5

CCSS.RI.9-10.3

CCSS.RI.9-10.5

CCSS.RI.8.5

What are the 3 most common auto term loan lengths?

• 36 months

• 72 months

• 48 months

• 84 months

• 60 months

Auto loans are ​ (a)   . Just like a mortgage, the interest owed is ​ (b)   in the ​ (c)   payments. During the housing price collapse, homeowners who owed more than their homes were worth for resale were said to be underwater. Car buyers can also be driving ​ (d)   for a long time unless they make a hefty down payment or offer a late-model trade-in. That's because a car ​ (e)   steeply in value as soon as you drive it off the lot.

• amortized
• front-loaded
• early
• underwater
• depreciates
• overwater
• back-loaded
• late
• appreciates
• fixed

Put the steps in order to calculate a Monthly Payment for an Auto Loan

• Determine if you have a trade-in, and what is it worth?

• Enter in your information into the Nerd Wallet Auto Loan Calculator

• Determine the Down Payment: Cost of Vehicle (%)

• Determine the Loan Term: # Months

• Determine if you owe any money on your trade-in

Use the Nerd Wallet Auto Loan Calculator to determine the Monthly Payment:

Price of Vehicle: $36,875

Down Payment: 15%

Interest Rate: 7.8%

Loan Term: 48 months

Trade-In Value: $11,850.00

Amount Owed on Trade-In: $8,790.35

(a)  

Use the Nerd Wallet Auto Loan Calculator to determine the Monthly Payment:

Price of Vehicle: $61,780

Down Payment: 10%

Interest Rate: 5.75%

Loan Term: 60 months

Trade-In Value: $25,860

Amount Owed on Trade-In: $0

(a)  

Tags

CCSS.8.EE.C.7B

Use the Nerd Wallet Auto Loan Calculator to determine the Monthly Payment:

Price of Vehicle: $25,750

Down Payment: 20%

Interest Rate: 9.35%

Loan Term: 72 months

Trade-In Value: $8,600

Amount Owed on Trade-In: $12,875

(a)