Payment Project

Olivia Andrews

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>.
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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.

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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

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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

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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

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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:

https://drive.google.com/a/students.mgsd.k12.nc.us/file/d/0B1NZmXT8LwXtOGY2ZjNMM2hjT1U/view?usp=sharing