# Payment Project

## 2015 Nissan Versa

Nissan Versa Sedan shown in Graphite Blue. 2015. Nissan. Nissan USA. Web. 4 Dec. 2015. <http://www.nissanusa.com/cars/versa-sedan/colors-photos#_exterior>.

## New Car Sales Price

The sales price of this car is \$15,636. I will be putting a 20% down payment on the vehicle, of \$3127.20. This would make the value of the loan cost \$12,508.80.

## Structure #1

t = 4 years

APR = 6%

a) Monthly payment is approximately \$293.77

b) Total amount paid during loan is approximately \$14,100.96

c) Amount of interest paid during loan is approximately \$1,592.16

## Structure #2

t = 5 years

APR = 5.5%

a) Monthly payment is approximately \$239.05

b) Total amount paid during loan is approximately \$14,343

c) Amount of interest paid during loan is approximately \$1,834.30

## Structure #3

t = 6 years

APR = 5%

a) Monthly payment is approximately \$201.69

b) Total amount paid during loan is approximately \$14,521.68

c) Amount of interest paid during loan is approximately \$2,012.88

## Analysis Questions

1. In terms of monthly payment, Structure #3 would be the least expensive at \$201.69.

2. Structure #1 is the least expensive in terms of the amount of interest paid during the loan at \$1,592.16.

3. In terms of the amount paid in total over the life of the loan, Structure #1 is the most inexpensive at \$14,100.96.

4. Link to audio: