Auto Loans

The MSRP for a Toyota GR86 starts at around $28,990.

Thomas has $3000 for a down payment for his new car, and the dealership offers a $900 cash allowance directly off the total price. How much money does Thomas need via loan ?

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CCSS.6.EE.B.7

Thomas needs a loan for $25090. In option 1 he is being charged 2.99% in interest. How much will Thomas pay monthly if he makes 48 monthly payments?

1. How much total interest will Thomas pay using in option 1? 

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CCSS.7.RP.A.3

When Thomas adds all his payments, how much will the car cost in option 1?

Thomas looks at the monthly payment of over $500 and realizes he cannot afford the monthly payment. So, he takes a look at financing option 2. The MSRP is still $28,990 and Thomas still has a $3000 down payment saved for the purchase. The dealer will now offer a $500 Cash Allowance straight off his total. How much money does Thomas need a loan for?

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CCSS.7.EE.B.3

5. Thomas now needs to borrow $25490. The new offer, option 2 is a 4.99% APR offer over 72 months, how much will Thomas pay monthly?

How much total interest will Thomas pay using option 2?

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CCSS.HSF.BF.A.2

When Thomas adds all his payments, how much will the car cost him using option 2?

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CCSS.6.NS.B.3

Thomas did not like Option 1 because the monthly payment of over $500. He looks at Option 2 and does not like how much interest he is paying so the dealer offers one last financing option. In Option 3, the MSRP is still $28,990 and Thomas still has a $3000 down payment saved for the purchase. The dealer will now offer a $1590 Cash Allowance straight off his total. How much money does Thomas need a loan for?

Thomas needs a loan for $24400. He is being charged 3.99% in interest. How much will Thomas pay monthly if he makes 60 monthly payments?

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CCSS.8.EE.C.7B