(600 points)
Name _________________________
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.
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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.
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Let's get started....
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