MAT 143 SA FALL 2023 (1)

MAT 143 Signature Assignment Learning outcome: Upon completion students will be able to … ● Research and calculate all the costs associated with the purchase of a car. ● Calculate a budget including monthly net total. ● Use the gathered car information and the budget information to determine if the individuals studied will be able to purchase the selected car. ● Reflect upon the budgets and the practicality of being able to purchase a car. Scoring/Grading rubric: ● This assignment will be graded twice. Once using the rubric listed below for the ability to analyze data using quantitative concepts. And a second time for a mathematical/content grade. The second grade will count as 5% of your overall grade. COMPETENCY: INFORMATION TECHNOLOGY AND QUANTITATIVE LITERACY KEY INDICATOR 2: STUDENT APPLIES QUANTITATIVE CONCEPTS TO ANALYZE DATA. Score Description Score Blank Indicates an assignment was not Submitted. Score 0 Indicates submission of an assignment that does not allow for sufficient or appropriate scoring of skill, for example, an assignment that was plagiarized. Score 1 Beginning Uses the quantitative analysis of data as the basis for drawing unclear conclusions from this work. Score 2 Emerging Uses the quantitative analysis of data as the basis for drawing plausible conclusions from this work. Score 3 Emerging Uses the quantitative analysis of data as the basis for drawing reasonable and appropriately qualified conclusions from this work. Score 4 Proficient Uses the quantitative analysis of data as the basis for drawing insightful, carefully qualified conclusions from this work. **"Reprinted [or Excerpted] with permission from Assessing Outcomes and Improving Achievement: Tips and tools for Using Rubrics, edited by Terrel L. Rhodes. Copyright 2010 by the Association of American Colleges and Universities.” Introduction: In this project, you will … ● Select a car to purchase. ● Analyze the costs involved in purchasing and maintaining the car you selected. ● Calculate the number of hours you need to work each week to maintain the vehicle. ● Calculate monthly budget for two individuals. ● Evaluate whether the individuals can afford to add the car selected to their monthly expenditures. ● 143 Signature Assignment Page 1 of 8

Assignment Instructions: Download this document into Microsoft Word. Type your responses into the document and then upload the completed Microsoft Word document into Brightspace as one document. All assignments must be uploaded to Brightspace as a Microsoft Word document in one document. Assignments submitted in multiple files will receive a reduced grade or a grade of zero for the assignment. If you do not have access to Microsoft Word at home, print this document, complete the lab, and then use a campus computer lab computer to download the document and input your answers. All assignments must be uploaded to Brightspace as a Microsoft Word document in one document. Note: Show your work below each item, then put your final answers on the car calculations worksheet. The car calculations worksheet will be graded. Choose a car (new or used) that you would like to purchase. Be sure to think about the type of car that you would realistically consider purchasing in the next couple of years (not your ultimate dream car). Once you have selected a car, verify that you can find maintenance information for your car on the Edmunds site (see number 9 below). If your car is not listed on the Edmunds site, please pick a similar car which is listed on the Edmunds site and use it for the rest of your calculations. List the car information, including the make, model, year, and list price in item one of the table.I want a Honda Civic. on edmunds site i found 2024 Honda Civic Hatchback that cost $25,945 The tax is $36. I found the maintenance cost on another website so the maintenance for one year is $68 so i took the maintenance cost total of $3144 and divided it by 5 years which gives me 628.80 Determine the amount of your down payment . For this project, make a 10% down payment and fill in the amount in item 2 of the table. In the real world, individuals can choose a different amount, and in fact some loans do not require a down payment. 25945(0.1)=2594.50 Calculate the 3% tax (in N.C., we pay a 3% highway use tax in lieu of state sales tax). The tax is based on the list price. Source: Link to government highway use tax website. 25945(.03)=778.35 Calculate the total amount to be financed. To find the total amount financed, take the list price minus the down payment plus the highway use tax.25945-2594.50+778.35=24128.85 Determine the interest rate for the car. Link to State Employee's Credit Union Website t o research rates. Or, if you prefer, you can look up the rates on another legitimate website (cite your source). Decide on the term of a loan (number of years) that would be reasonable for you. List your rates, term, and source in the table.5.50% Calculate your monthly payment for the loan and the yearly amount. Use this link to find the monthly payment. Note: This is the same calculations that is done with the monthly payment formulas from section 6.3. To find the yearly amount, take the monthly payment times 12. monthly payment=471 total installment price=(471*60)+2594.50=30854.50 finance charge=1000-24128.85=24,028.85 yearly payments=471*12=5,652 Insurance rates are calculated on many factors such as: Age, Gender, Driving Record, Make/Model/Year of car, number of years driving etc … . Insurance rates will very per individual, however for this project, use the following average rates provided by my insurance agent: $2000/year for full coverage on a new car, $1500/year for full coverage on a used car. 143 Signature Assignment Page 2 of 8