Cornell notes: an inefficient and usually over complicated way of taking notes...but it does look nice. the topic we had to take notes on was Gergor Mendel. he was one of the first to discover hereditary genes. That's about it. I was pretty indifferent to this project.
In math, we had an assignment where we had to buy a car with a budget of $30,000. We also had to calculate sales tax and finance it with an 18% interest rate. Building the car and choosing the different specifications was fine. The only issue was that on the page where we were supposed to calculate shoe box savings i had no idea what to do, even after Mr. Lee tried to explain it for like ten minutes. anyway, here's the 250 word essay (its exactly 250 words) that we had to do as part of the assignment.
This project has taught me a great deal about not only solving the equation necessary for credit financing, but also given me knowledge about real world financial situations such as getting money from the bank to buy a car. One concept that was incorporated in this assignment was simple addition when it came to adding packages and other features to your car. In the project, I had also revisited algebraic equations that we used to calculate the finance for the car and finding a percentage of a whole, another topic previously covered. I had to find 9.5% of the total price of the car, then add it on to get the final amount you would need to pay including the sales tax.
A conclusion that I came to after doing this project was that buying items on credit, while it might seem preferable at the time, eventually leads to spending nearly double the original price. At the same monthly rate, it would take less than half the time to pay of the same priced car from shoebox funds rather than loaning from a bank. It was shocking to discover the price difference and gave me a better understanding of how banks function and continue to make money.
It also lead me to consider the expenses my parents need to cover to afford things that might seem rudimentary or common to have. After I had completed the assignment, I felt like a had a better understanding of credit, interest and financing.
No comments:
Post a Comment