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Economics
A common purchase soon after graduation is a new car. For this study, we want to consider the effects
of interest rate on the loan vs. discounts. You will need to research two items for this study: The
sticker price, or MSRP, for the car – this can be found online or at any dealer lot. Select a car that looks
appealing to you, not necessarily the car you expect to buy. The typical interest rate for car loans
this can be advertised rate from the dealer, bank, or credit union You want to be prepared for the
inevitable negotiations when buying the car. You know the salesman will come up with a choice of the
form I'll give you $1,000 off the sticker price or 0.5% off the financing interest rate. You can also expect
a lot of pressure to buy now instead of leaving and coming back. You are also considering either a 4
year (48 month) or 6 year (72 month) loan. What you need to bring is a tool to help you make the
decision. For discounts that can be from 4% to 15% of the MSRP (sticker price), what is the equivalent
interest rate discount? In short, when the dealer tells you $1,000 off or 0.5% of the interest, you can
use your tool to decide which is better for you. The tool you will create for this project is one sheet of
paper, one side of an 8.5x11 sheet of plane paper. Put whatever graphs, tables, or text will help you
make the decision. You will not have time to pull out a calculator at the dealership, so make the tool
easy to use. For the discounts, put them in terms of S amounts rather than percentages (rounding the
4% to 15% is expected). Remember, you need to be able to handle 4 or 6-year loans. For your report,
provide a short description of the car and loan, including where you go the information. Include a
description of how to use the tool, and how any calculations were made. This should be brief. Then
provide the tool itself. Again, the tool MUST be able to fit on one side of a letter size paper. Notes:
You can assume any discounts will be in round numbers ($500, not $501.25) • Assume interest is
compounded at the end of each month. Interest rates will come in increments of 0.05%
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