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BUYING MY FIRST AUTOMOBILE
A WebQuest for 9th Grade (Algebra I)
Designed by
CAROLYN ROLAND
croland@cumbytel.com
Introduction
| Task
| Process
| Evaluation
| Conclusion
| Teacher
Page
Introduction
You are shopping for a motor
vehicle to drive during your
first year of college. Your parents want to
buy a new vehicle versus a used one because it will have warranty coverage.
They are allowing you to choose the model, but it must be within a
certain limit.
The
Task
As a first time buyer of a motor
vehicle, you must first decide what make and model you want. Next comes
the shopping for the best deal. Do your homework. Get prices from several
sources. The last step is to obtain financing, which means you have to borrow
money from a lending institution. Since your parents have established
credit with the local bank, start there. The ultimate goal is to determine
whether you want a loan that charges simple interest or compound interest and
to calculate your monthly payment. Last decide if you can afford to buy the
vehicle.
The
Process(including
resources)
Step 1: You have maximum of $500 a month to
spend on a payment. Go shopping. You can visit the local dealers to see
what is available and get prices.
Step 2: When you have found your dream
car or truck decide how many years you want to spend paying for it and
divide the total number of months into the price to see if this is a
feasible choice.
Step 3: If it is the right choice
find out what the total out-the-door price will
be (includes taxes, title, etc). Now
calculate your payment again. Will it work? If the answer is yes proceed. If
the answer is no return to step 1.
Step4: Next visit some of the automobile
shopping site on the internet and do a little price comparison. Visit
http://wwwkbb.com, http://edmunds.com/,
http://caranddriver.com/, http://motortrend.com/, http://www.webfoot.com/cgi-bin/loan.p/
Step5: Are you getting a good deal from
the local dealer? What is the difference in price? Would you rather buy
locally, so you can be serviced locally or does it matter? Visit http://partners.financenter.com/consumer/allauto.fcs
Step 6: If you are satisfied, visit your
bank. Before you go , however, become familiar with the following terms
: simple interest, compound interest, prime lending rate.
Discuss your loan with the banker.
Find out the payment for a 36 month loan, 48month loan, and 60month loan.
Pick the one that will best fit your needs.
http://www.dwx.com:8181/~iabanker.car.html
Step 7: Be sure to calculate the total
interest you will pay over the life of the loan (ie the amount of time it
takes to pay for the automobile). Add the interest to the cost and find the
total cost of your car.
Step 8: Answer the following questions:
1. What is the purchase price?
2. What is the interest rate?
3. How much total interest will you
pay?
4. What is the tax rate on a new
vehicle?
5. What will be the total cost of
your vehicle?
6. Can you afford it?
Step9: Write a report in narrative
form allowing one paragraph for each task. Discuss what you did
to accomplish the step and answer all the questions in full sentences. The
report will be typed on the computer, font size 12, double-space, left
and right margins 1”, top and bottom margins 1”. Include a cover sheet
with the proper heading. Report should be at least three pages and not
more than five. Begin with a title and number all except the first
page.Include a summary paragraph stating your impression of the lesson and
what you learned that may help you in the future.
Evaluation
Each student will be graded according to
the completness of their report.
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ontime
1
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one day late
2
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two days late
3
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three days late
4
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Score
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Report turned in on time
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5points
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4points
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3points
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2points
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Cover page with Name,
Title, Date
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Description of identifiable
performance characteristics reflecting development and movement toward
mastery of performance.
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Description of
identifiable performance characteristics reflecting mastery of performance.
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Description of
identifiable performance characteristics reflecting the highest level of
performance.
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Stated Objective or
Performance
|
Description of
identifiable performance characteristics reflecting a beginning level of
performance.
|
Description of identifiable
performance characteristics reflecting development and movement toward
mastery of performance.
|
Description of
identifiable performance characteristics reflecting mastery of performance.
|
Description of
identifiable performance characteristics reflecting the highest level of
performance.
|
|
|
Stated Objective or
Performance
|
Description of
identifiable performance characteristics reflecting a beginning level of
performance.
|
Description of identifiable
performance characteristics reflecting development and movement toward
mastery of performance.
|
Description of
identifiable performance characteristics reflecting mastery of performance.
|
Description of
identifiable performance characteristics reflecting the highest level of
performance.
|
|
|
Stated Objective
or Performance
|
Description of
identifiable performance characteristics reflecting a beginning level of
performance.
|
Description of
identifiable performance characteristics reflecting development and
movement toward mastery of performance.
|
Description of
identifiable performance characteristics reflecting mastery of performance.
|
Description of
identifiable performance characteristics reflecting the highest level of
performance.
|
|
Conclusion
Everyone at some point in their life will purchase a vehicle for
transportation. It
is always wise to know something about the product before shopping so
that
you know a really good deal when you see it. A good web site to visit when
you
have questions is
http://www.dwx.com:8181/~iabanker.car.html
It usually has comparisons of the latest models and prices. The
Edmunds.com
Car Buying guide http://edmunds.com/
gives usual prices of most makes and models. You can also shop for
financing. Check out Kelly Blue Book
http://www.kbb.com to see what most
lenders are charging. Usually, an
automobile loan is calculated using simple interest. This problem
should make
aware of compound interest and how the two compare
Last updated on August 15, 1999. Based on a template from The WebQuest Page
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