Due Date: ______________________
| In this project you will
- Buy a house and calculate the monthly payments and total cost,
- Buy a car and calculate the monthly payments and total cost, and
- Figure out what kind of wages you'll need to make to afford your car and your house.
- Make some calculations to figure out what you can afford and learn to use the mortgage and loan calculators found on the Internet.
Here's some information you need before you get started.
- You make $40,000 per year
- Your dream house cannot be more than 30% of what you make in 8 years at your current income.
- You will finance your house over 30 years. On the average, with interest, you will pay 3 times the purchase price when you finance a house over 30 years.
- Your dream car cannot be more than 35% of your annual income.
- You work 40 hours per week (five 8-hour days), 50 weeks per year ( the other 2 weeks are used for vacation without pay). Since you can't count on any overtime, you may not use it in this project.
Let's get started....