Vehicle Test Review

An initial amount, usually a percentage of a total cost, that is paid by a borrower to create equity in a purchase.

• Incentives

• Principal

• Down Payment

• Monthly Payment

The monetary charge for the privilege of borrowing money.

• Incentives

• Interest

• Principal

• Down Payment

Choose the variables for calculating a loan.

• Down Payment

• Interest Rate

• Make and Model of Vehicle

• Length of Payment

As a general guideline, what percent of your monthly take home pay should you spend on a car?

• 6-8%

• 10-12%

• 14-16%

• 18-20%

In which year does a car depreciate the most?

• 1st Year

• 2nd Year

• 3rd Year

• 4th Year