In this assignment you will compare purchasing a new car vs used car. Find a vehicle of your choice. Preferably you would choose the same vehicle so you can compare it across both options.1. What is the year, make, and model of the car you chose? How much is your vehicle selling for?2. Calculate your monthly payment for a five-year term, 2.50% expected APR, with a $5,000 down payment. Show your work.3. What is your payment if you decrease your term to three years?4. You lost your savings and can no longer afford to put money down on the car. The day worsens when the dealership informs you that your credit rating is less than ideal, and your expected APR is 10%. What is your monthly payment now with a five-year loan?5. How much more are you paying in total principal and interest for the car with a 5 year loan? How much more is it then the listing price?Visit a website that sells used cars to see how much the used version of the car you selected earlier is going to cost. Select a used car that is 3-4 years old. Use that price for the following questions.6. What is the year, make, and model of the car you chose? How much is your vehicle selling for?7. Using the used car price, calculate your monthly payments for a five-year term, 2.50% expected APR, with $5,000 down. Show your work.8. How much more are you paying in total principal and interest for the car with a 5 year loan? How much more is it then the listing price?9. What is a certified used car?

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