Finance Project.MAT 119 You may work in groups of no more than three people and a single portfolio may be turned in for the entire group. This project is due on Wednesday,November 12th, 2014. No late projects will be accepted for any reason. If you are unable to turn it in on the due date, you must make arrangements toturn it in early. All the results should be presented, interpreted and printed out in Microsoft Word format. Excel output can be easily copied andpasted into a Word file. Nothing should be submitted handwritten. I will be looking for correct answers to the questions as well as the overallpresentationof your report, including the use of complete sentences, correct language, overall coherency, neatness and clarity.General instructions: Your goal is to buy a car, and analyze the associated financing. ?Go to a car dealership and determine the make, model, year and price (including tax and license fees) of the car you wish to purchase. ?Determine the trade in value that the car dealership is willing to give you (if applicable). ?Determine the amount of cash that you can pay as down payment. ?What amount will you need to borrow? (loan amount) ?Ask the car dealership, or go to a bank and determine the interest rate and the length of time, for a car loan for your loan amount that they willbe willing to give to you. ?What will your monthly payments be? ?Use MS Excel to construct an amortization table for your car loan, with column headings: Payment number, Monthly payment, Interest paid, Principalpaid, Loan balance (do not include equity we don?t consider equity for cars). You have to construct this table yourself like we did in the lab, atable provided by your lender is NOT sufficient. ?Determine the total interest paid over the course of the loan. ?Determine the total principal paid over the course of the loan. ?Make a graph of the loan balance as a function of payment number. ?Determine how long it would take to pay off your loan if you paid $75 more each month. ?Discuss the advantages and disadvantages of paying off a loan with higher payments than required. Using the guidelines above, write up a reportabout your experience and findings. Present all your data in a user friendly format. Whoever reads your report should easily find the relevantinformation (i.e. interest rate, loan amount etc.) without searching for it, on the other hand it should be a nice read and not too dry with onlynumbers and tables in it. Include all supporting documents as you see fit (i.e. dealership flier, business cards etc.). Do include a picture of thecar model you chose.:
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