Financial Decision Making Essay

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FOR TEACHER AND STUDENT USE

Assessment Schedule Accounting AS 9098 Make a financial decision for an individual

Resource A: Brainstorm ideas of sources of financial and non-financial information

The following table may help you brainstorm ideas about sources of information relevant to your car purchase, other associated costs to allow you to complete a cash budget, and other information that will influence your finance option decision.

IDENTIFICATION OF POSSIBLE INFORMATION SOURCES

| | |
|SOURCES OF INFORMATION |TYPE OF INFORMATION EXPECTED |
|Upper Hutt Leader |Car price |
|Max Motors Advert |Finance |
| |Weekly Repayments |
|Trade Me |Vary costs of buying a car |
| |Costs of finance |
| | |
|Home |Car running costs |
|(Parents) |W.O.F costs |
| |Registration costs |
| |Insurance costs |
|Online Bank |Cost of personal loan |
| |Monthly repayments |
| |Interest rates |
|` | |
| | |
| | |

Resource B: Planning template Volkswagen Polo 2008 (Trade Me)
| |Finance Option 1 |Finance Option 2 |
|Description of finance option including: |Westpac Personal Loans |ASB Personal loans |
|Name of supplier of finance |16.25% |14.95% |
|Interest rate |Online Calculator |Paid over 4 years |
|Term of borrowing |$327 Monthly |Online Calculator |
|Other costs | |$326.16 Monthly |
|Method of calculation of repayment amount

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