Auto Loan Comparison

Instructions:
Its time to chops for a loan. Assume you are buying a new 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

Principal: $15,000

Repayment Period: 48 months

Name of
Financial
Institution

APR

Finance Charge Total Cost

Monthly
Payment

Chase Bank

1.88%

$582.72

$20,582.72

$324.64
$15582.72

BMO Harris
Bank

4.24%

$1,334.4

$21,334.4

$340.30
$16,334.4

PNC Bank

2.34%

$727.68

$20,727.68

$327.66
$15,727.68

Bank of America

2.34%

$727.68

$20,727.68

$327.66
$15,727.68