Cricos 00213j- Buying a Car Scenario - Information on Finance - Instalments - Insurance - Registration - Modelling - Mathematics Assignment Help

Assignment Task-

Task:
Buying a Car Scenario: As a full -time student with a part-time job, you decide to purchase a car. Assume that you have been employed for 6 months and have a small amount of savings. You have saved enough money for a 15% deposit and your take-home pay is $300 per week. You share a unit with two other students and the weekly rent for the house is $360.
Knowledge and Procedures

1. Use the internet to research a used car that you would like to buy. The car price should be in the $ 1000 - $ 10 000 range. Describe the car, in full, in your own words, including the price, the year, photo, details of the car and details of any warranty offered.  

2.Collecting information on finance: 
a)    Since you don’t have cash for the purchase, you must obtain credit.
Investigate TWO Different Financial Options to find details of an appropriate loan. You will need to submit a summary showing details and costings of each of the two options, including the following points:
•    Deposit
•    Term of the loan (i.e. how long to pay off)
•    Rate of interest offered
•    Monthly repayment 
Some loans have extra charges- make note if there are any of these-e.g 
•    Loan Establishment Fee
•    Government charges
•    Loan Protection Insurance
•    Any other relevant costs
Include screenshots/printouts of details and in-text citations/references to validate your answers
b)    For each of your options calculate and show all working for 
(i)    The total amount repaid on installments
(ii)    Amount of interest paid
(iii)    The total amount paid for the car including deposit and any other charges
(iv)    Monthly repayment as a percentage of your take-home pay.

3.    Research and write  in your own words to explain what is meant by the following terms which relate to car insurance:
(i)    CTP
(ii)    Third-Party Insurance
(iii)    Comprehensive Insurance
Include any appropriate in-text citations and references

4.Registration and Compulsory Third Party Insurance
Find the cost of registering your car, including the compulsory third party insurance and Stamp Duty. Include the reference or screenshot of where this quote was obtained.

5.Comprehensive Insurance
As you have taken out a loan to finance the purchase of your car, you will need full comprehensive insurance. 
(i)    Obtain quotes from two different insurance companies. Include screenshots of these quotes.
(ii)    Discuss and justify which option you would choose.

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