Activity Mathematics for Everyday Life, Grade11 On-line Summer School 18+ 2024 Part

Activity Mathematics for Everyday Life, Grade11

On-line Summer School 18+ 2024

Part 1 Course Code: MEL3E1-01

Date: Tue. July 25, 2024

Time: 12:30 pm to 3:30 pm

Number of pages: 4 [including cover]

Due: By the End of the Period!

What do I need to know before starting this Evaluation?

Read all instructions and questions carefully. If you do not understand what you are being asked

Categories of Examination

Weight on this Assessment

Knowledge

30%

Communication

20%

Thinking

20%

Application

30%

Total

100%

This Assessment is worth 15% of your overall grade in the course.

Grading:

This culminating assignment will be graded according to the rubric posted at the end this package.

Part I: Calculating Borrowing Cost of Financing a Vehicle

Visit https://www.td.com/ca/en/personal-banking/products/borrowing/car-loan-calculator

to answer the following questions.

Assume you are borrowing $24,000.00 to buy a vehicle. The bank is offering 8.5% financing for a 4-year loan.

What is the monthly loan payment?

How much in total do you end up paying over the four years?

How much interest(Borrowing cost) did you end up paying?

How to reduce borrowing costs. (Give three options of reducing the cost)

1.

2.

3.

You have borrowed $24,000.00 to buy a vehicle. The bank is offering 8.5% financing for a 4-year loan but you changed the term of the loan to three years,

What is the new monthly payment?

b) How much, in total, do you end up paying if you paid off the loan in three years?

c) How much interest would you save if you paid the loan off in three years instead of four?

Part II: Financing a Car Purchase

You are planning to purchase a car. You are doing some research about the price and financing options for a)Toyota Corolla SE and b) Hyundai Elantra SE. You can use the Google search engine to look for a total purchase price and interest rates for each car above.

Complete the following table.

Loan a) _________

(Total Price for a Toyota Corolla SE)

Loan b) ____________

(Total Price for a Hyundai Elantra SE)

Loan Type

Personal Loan

Car Loan

(bank)

Car Loan

(Dealership)

Line of Credit

Credit Card

Interest Rate

(Google search and select an interest rate for each loan type to fill in this row.)

Length of Loan

Choose a number of months you want to pay off loan a) and loan b)

KEEP The same for all loans

Monthly Payment for

Loan a)

Monthly Payment for

Loan b)

Secured/ unsecured loan

Which Car would you choose to buy? Explain your choice with a short paragraph

What loan type would you pick? For the loan type and the car you picked, how much are you saving on interest?