Auto Loan Comparison

Instructions:
Its time to chops for a loan. Assume you are buying a new car for $20,000. You are trading in
your old car and including it in your down payment. Your down payment totals $5,000. The
principal of the loan is $15,000. The repayment period is 4 years. Look for four financial
institutions and complete the table below. This will go in section 3.2 of your portfolio.

Kind of Loan: New Car Loan

Repayment Period: 4 years/48 months
Name of Financial Institution APR

Principal: $15,000

Finance Charge Total Cost

Monthly Payment

Chase Bank

1.88% $582.72

$20,582.72 $324.64
$15,582.72

US Bank

2.49% $774.74

$20,774.74 $328.64
$15,774.74

Bank of America

2.24% $696

$20,696

$327.00
$15,696

Capital 1

3.39% $1,032

$21,032

$334
$16,032