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Textile Institute of Pakistan Business Mathematics and Statistics MATH-202A project on: Car financingPresented to course instructor: Madam Rakshanda shahPrepared by: Azhar Hussain TS2B
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CAR FINANCING Suzuki Baleno 1300 CC Price: 739000 CAR FINANCING DescriptionModel of car Suzuki Baleno 1300 CC JXR PETROLPrices of Car (given by the company) 739000Financing Duration 5 yearsTOTAL NO OF TIME PERIODES (years / months) 60Down Payment (%) 15%Down Payment (Rs) 110850
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Finance Amount (price of car – down 628150 payment)Factor* (as by SONERI) 0.0217424Monthly Finance Installment (installment factor × 13657.49 financed amount )Total amount given (monthly financed 819449.4 installment × no of time periods)Total interest 191299.4 CAR FINANCING Description Example 1 Models of car Suzuki Baleno 1300 CC JXR PETROL Prices of Cars (given by the 604739000 company) Financing Duration 5 years Total No Of Time Periods (years / months) 60 Down Payment (%) 15% Down Payment (Rs) 110850 Finance Amount (price of car – down 628150 payment) Factor* (as by CITI) 0.023010 Monthly Finance Installment (installment factor × 14453.73 financed amount ) Total amount given (monthly financed 867223.89 installment × no of time periods) Total interest 239073.89
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CAR FINANCING Description ExampleModel Of Car Suzuki Baleno 1300 CC JXR PETROLPrice of Car (given by the company) 739000Financing Duration 5 yearsTOTAL NO OF TIME PERIODES (years / months) 60Down Payment (%) (%) 20%Down Payment(Rs) (Rs) 120800Finance Amount (price of car – down 483200 payment)Factor* (as by MCB) 0.02052Monthly Finance Installment (installment factor × 9915.26 financed amount )Total amount given (monthly financed 594915.8 installment × no of time periods)Total interest 111715.8
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CAR FINANCING Description ExampleModel Of Car JXR PETROL Suzuki Baleno 1300 CCPrice of Car (given by the 739000 company)Financing Duration 5 yearsTOTAL NO OF TIME PERIODES (years / months) 60Down Payment (%) (%) 20%Down Payment(Rs) (Rs) 147800Finance Amount (price of car – down 591200 payment)Factor* (as by KASB) 0.0206Monthly Finance Installment (installment factor × 12178.72 financed amount )Total amount given (monthly financed 730723.2 installment × no of time periods)Total interest 139523.2
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CAR FINANCING DescriptionModel of car Suzuki Baleno 1300 CC JXR PETROLPrice of Car (given by the company) 739000Financing Duration 5 yearsTOTAL NO OF TIME PERIODES (years / months) 60Down Payment (%) 20 %Down Payment (Rs) 147800Finance Amount (price of car – down 591200 payment)Factor* (as by faysal) 0.02037Monthly Finance Installment (installment factor × financed 12042.74 amount )Total amount given (monthly financed installment 722564.4 × no of time periods)Total interest 131364.4 CAR FINANCING DescriptionModel of car Suzuki Baleno 1300 CC JXR PETROLPrice of Car (given by the company) 739000Financing Duration 5 yearsTOTAL NO OF TIME PERIODES (years / months) 60Down Payment (%) 20 %Down Payment (Rs) 147800Finance Amount (price of car – down 591200 payment)
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Factor* (as by ALFALAH) 0.02037Monthly Finance Installment (installment factor × financed 12042.74 amount )Total amount given (monthly financed installment 722564.64 × no of time periods)Total interest 131364.64 For the duration of 2 years DescriptionModel of car Suzuki Baleno 1300 CC JXR PETROLPrice of Car (given by the company) 739000Financing Duration 2 yearsTOTAL NO OF TIME PERIODES (years / months) 24Down Payment (%) 20 %Down Payment (Rs) 147800Finance Amount (price of car – down 591200 payment)Factor* (as by ALFALAH) 0.04514053Monthly Finance Installment (installment factor × financed 26687.08 amount )Total amount given (monthly financed installment 640489.95 × no of time periods)Total interest 49289.95
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For the duration of 3 years DescriptionModel of car Suzuki Baleno 1300 CC JXR PETROLPrice of Car (given by the company) 739000Financing Duration 3 yearsTOTAL NO OF TIME PERIODES (years / months) 36Down Payment (%) 20 %Interest rate (%) 8.5%Down Payment (Rs) 147800Finance Amount (price of car – down 591200 payment)Factor* (as by ALFALAH) 0.031350591Monthly Finance Installment (installment factor × financed 18534.46 amount )Total amount given (monthly financed installment 667240.87 × no of time periods)Total interest 76040.87 For the duration of 4 years DescriptionModel of car Suzuki Baleno 1300 CC JXR PETROLPrice of Car (given by the company) 739000Financing Duration 4 yearsTOTAL NO OF TIME PERIODES (years / months) 48Down Payment (%) 20 %Interest rate (%) 8.5%Down Payment (Rs) 147800Finance Amount (price of car – down 591200 payment)Factor* (as by ALFALAH) 0.0244704Monthly Finance Installment (installment factor × financed 14466.90 amount )Total amount given (monthly financed installment 694411.22 × no of time periods)Total interest 103211.22 CONCLUSION By the above information we can conclude that bank ALFALAH and FAYSAL bank gives car financing loan at lowest rate. You will have to pay less when taking car loan from these banks. SONERI bank gives you at the rate of 7.9 % but when i got there for detail information they clear the point that this rate is
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only if you take loan for only one year tenure. Other banks show 8.5 % but theinstallment factor they give exceeds of that of bank ALFALAH and FAYSALbank.
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