Posted: October 11th, 2022
Assignment 1: Discussion—Car Loans and Insurance
The most common methods for financing automobiles are through car loans or car leases. Car loans are personal loans provided by banks and credit unions and can be repaid over a period of years. However, with a car lease, a person never owns the car. The bank or credit union selected purchases the car and rents it to you for a fixed period. Once the fixed period of the lease expires, the financial institution takes back the car and sells it. In this assignment, you will compare the differences between car loans and car leases.
A car loan is one of the most significant investments made by a typical American family. An alternative to the traditional auto loan is the auto lease.
Using the readings for this module, the Argosy University online library resources, and the Internet, respond to the following:
Write your initial response in 200–300 words. Apply APA standards to citation of sources.
By Saturday, May 16, 2015, post your response to the appropriate Discussion Area. Through Wednesday, May 20, 2015, review and comment on at least two peers’ responses. Consider the following when posting your responses:
Assignment 2: LASA: Finding Your Best Bank
For this assignment, you will take on the role of a personal financial advisor and create a personal financial portfolio.
Step 1: Using the large National Bank, the Regional/Local Bank, and the Credit Union you identified in the Module 1 Assignment 2, compare and contrast each institution by completing the Module 3 Assignment 2 template.
Step 2: Once you have completed the Module 3 Assignment 2 template, create a financial portfolio. This financial portfolio is a professional one. Please follow the following instructions when preparing it:
After choosing a savings account with a 3% interest rate, you decide to invest $5,000 into the savings account.
- Using the future value calculation, determine at an interest rate of 3%, what would be your total balance available at the end of five years if you leave the $5,000 untouched. Show your calculations, as well as, your answer in your portfolio.
- How will this interest earned be reported on your federal income tax returns?
- Contact information for the financial institutions
- Show all steps of your future value calculations in Excel or Word format.
- Support your statements with examples and at least three scholarly references.
Your financial portfolio should be presented as a 3–4-page paper in Word format. Be sure to also include the template you completed for step 1 of the assignment. Apply APA standards to citation of sources. Use the following file naming convention: LastnameFirstInitial_M3_A2.doc.
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