Car Payment Project

Avery Lowrance

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Analysis Questions/Answers

1. In terms of monthly payment, Structure #3 is the least expensive. Structure #3 is also the longest payment structure.


2. In terms of amount paid in interest Structure #1 is the least expensive. The total interest after four years of payments was $5,126.89.


3. In terms of amount paid in total over the life of the loan, Structure #1 is the least expensive. The total came out to $45,406.89


4. Soundcloud is blocked on my laptop but, if I had to choose a structure to go with, I'd choose #2. Structure 1 is great if you have $945.98 dollars to spend every month but, I think that's pretty expensive. Structure 3 is the least costly per month but, the interest is high and it eventually comes out the most expensive plan. I think 5 years is a great time frame to pay off a car and the price for #2 is the most appealing to me.