My dream car is: BMW760LI It costs: $136,000

Here is a small picture of my beauty -->

Car cost Down Payment % Down Payment Loan Amount Months required to pay Interest rate Cost per month
$136,000 10.00% $13,600.00 $122,400.00 36 3.00% $3,559.54
Enter your car cost info below
A) $136,000 10.00% $13,600.00 $122,400.00 48 3.00% $2,709.24
B) $136,000 10.00% $13,600.00 $122,400.00 84 3.00% $1,617.31
C) $136,000 10.00% $13,600.00 $122,400.00 84 4.00% $1,673.06
D) $136,000 20.00% $27,200.00 $108,800.00 36 3.00% $3,164.04

Ok. Now let's change some things. Use YOUR car cost for all the following.

Add a new line of calculations above for each change .

a) Change the number of months to 48 ---------------->$130,043.60
b) Change the number of months to 84 (longest loan I've seen) ---------------->$135,853.87
c) You can't get a loan for 84 months at 3 %. Change it to 4% ---------------->$140,537.20
d) Go back to 36 month loan at 3% and increase the down ---------------->$113,905.28
payment % to 20%

Answer the questions below when finished. You will need more formulas.
Change a) corresponds to question a) etc.

a) How much more money did you have to spend over the time of the loan compared to 36 months? (your first line with your car)
b) How much more money did you have to spend over the time of the loan compared to 36 months? (your first line with your car)
c) How much more money did you have to spend over the time of the loan compared to 36 months at 3%? (your first line with your car)
d) How much money did you save over the time of the loan compared to 10% down? (your first line with your car)
e) There are benefits and drawbacks to any loan. What is the benefit of a long loan? What is the problem with a long loan? Place answer in a text box.

I think long loan is a good idea for someone who needs money exigent but they can not afford it.
They can take out long loans to ease the pressure on the economy. Also long loan can meet
capital needs and it would not tip up a lot of money so you can use remaining money to do
something else. But long loan will make you pay a lot of extra money and if you do not
repayment, you will leave some credit problems. So long loan lending cuts both ways.
Total cost of loan Amount more than principal
$128,143.44 $5,743.44

$130,043.60 $7,643.60
$135,853.87 $13,453.87
$140,537.20 $18,137.20
$113,905.28 $5,105.28

Add formulas here to calculate

$1,900.16
$7,710.42
$12,393.76
$113,905.28
nswer in a text box.