Paige Damascus

Jeep Wrangler, My Ideal Car

Submitted to Mary Virostek for Introduction to College Mathematics (MATH-121)

Summary:

This project was about finding various financing terms for purchasing a vehicle. I selected a vehicle and found two loan options for financing. After researching, I utilized equations I learned in my math course to evaluate future price values for each of the two loan options for the same car. I found values, including principle, interest, tax and others, which I reviewed to eventually determine which financing option I would theoretically use to purchase the vehicle I chose. Through each equation I used I also had to explain my reasoning behind each equation, which values I inputted and what each result meant.

General Education Connections

Communicate ideas in written, oral and other modes as appropriate to a situation and audience
Apply quantitative and scientific reasoning skills relevant to a field of study
Employ various thinking strategies to develop well-reasoned judgments
In the early stages of this assignment, I gathered information for about 12 vehicles, then I had to explore financing options. I had to be careful to pull information from reliable and accurate sources and methodically document all sources. Within each step of this project I had to go through my semester-long notes and rationalize which formula best fit each question. Then I had to find which variable would be best suited for inputting into the chosen equation. I had to explain my rationale in thinking behind each of these stages, which required diverse thinking strategies to arrive at my final well-reasoned judgments. To find and evaluate information, I had to use the internet and my graphing calculator.

Challenges

I am most proud of explaining where each final value originated for the sections of this project. In this class almost every term was new to me, which made understanding most course material challenging at first. After lots of practice using formulas and reworking variables in order to solve for the appropriate variable, I eventually gained insight into what each formula could be manipulated to solve for. Most formulas used were not straightforward; instead they had to be rearranged and reworked many times. Eventually I was able to gain confidence as the results I found made sense, which I could then move forward and explain in written form.

Application

I will use the information I learned in this signature assignment in the future. I can use it currently to reevaluate my monthly mortgage. I can test different monthly payments, and see if I increased or decreased how much time I can save over the duration of my loan. I can also find how much money I could save overall if I increased my monthly payments every month. I was pleasantly surprised at the real-world applications this project involved.