Finance Questions

Question: I need car help!!! I'm so confused with online site!!?

Ok. I'm doing a budget project for school and I have to have the monthly payments on a car. I chose a Honda Element and I'm on the site looking at it. Now I'm to the point where it talks about finance stuff. Can someone please answer these questions?? : (please answer at least one! but you'll get 10 Pts if you answer all!! )

1. What is a "Term"?? It has a drop-down box with #s 24-60 in it. Is that how many months it'll take to pay the car off?

2. What is "Annual Percentage Rate"????

3. What is a "Trade-In"? Is that talking about trading in one car for another?

4. What is "Additional Down Payment"?

I need major help. I don't understand any of this stuff. If you want to see the page I'm looking at, here it is : http://automobiles.honda.com/tools/finance-calculator.aspx?YH1839EW
PLEASE HELP!! Thanks in advance!!

Answer: additional Payment: is when u put down an extra amount, on top of what u already payed

Trade-in : is when u have a vehicle and your want a newer one they, give you the value of your old car and take of that from the new car...

Annual Percentage Rate: is the percentage your interest is based on

Term: is how many months you have payments on like 24 months 48 months

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